The near-closure of the Strait of Hormuz following the initial U.S. And Israeli strikes on Iran on February 28th continues to fuel concerns about global logistics. While the impact on oil and gas trade was immediately apparent, other sectors are bracing for disruption. The agricultural import sector, crucial for food security in the Middle East, and the fertilizer market, heavily reliant on urea and ammonia supplies, are particularly vulnerable. According to recent data from credit insurance specialist Coface, 33% of global maritime transport of fertilizers passes through the Strait of Hormuz.
Disruptions are already being felt in the fresh produce market. “Currently, Notice 252 containers, representing nearly 5,000 tons of French apples, on the water awaiting discharge to Gulf countries,” explains Daniel Sauvaitre, president of the Interprofession of Fresh Fruits and Vegetables. He adds, “Shipping companies immediately decided to impose a surcharge of $4,000 [€3,400] per container, on top of the existing $2,000 freight cost, which will be passed on to importers.”
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