The Strait of Hormuz shipping blockade has resulted in a significant decrease in the number of vessels crossing the waterway. In peacetime, the channel sees around 120 daily transits, but from March 1 to 31, commodities carriers made 201 crossings, a decrease of 95 percent from normal levels. Most of these vessels were oil tankers and gas carriers, with 121 crossing the strait.
The war between the United States, Israel, and Iran began on February 28, prompting Tehran to retaliate with strikes across the region and restrict access to the strait. Iranian media reported that strikes hit a desalination plant on Iran's Qeshm island in the Strait, putting it out of service.
Chinese shipping giant Cosco's two ultra-large container vessels crossed the strait on Monday, after an aborted attempt last week. The passage of these vessels was seen as a potential shift in conditions for commercial shipping.
Around 20,000 seafarers are affected by the conflict in the region, with at least eight seafarers or dock workers having died in incidents since the conflict began. The International Maritime Organization (IMO) reported a further 10 seafarers were injured.
The staggering 95 percent drop in shipping activity through the Strait of Hormuz highlights the devastating impact of the ongoing conflict on global trade. The fact that 44 percent of the crossings have been by ships under US, EU, or UK sanctions suggests that the international community is taking a cautious approach to navigating the region. This situation will undoubtedly have far-reaching consequences for Nigeria's economy, which relies heavily on imported goods.
