🔻A German shipping company: The closure of the Strait of Hormuz has cost us $600 million

Hapag-Lloyd, one of the largest container shipping companies in the world, announced that the closure of the Strait of Hormuz due to the war in the Middle East has so far cost the company $600 million in the second quarter of 2026.

The German shipping giant said on Thursday that its net profit has faced a significant decline.

The company had recorded net profit of around $306 million last year, but this year the figure has fallen to $83 million due to the closure of the Strait of Hormuz.

The company also said that more exports from Asia and improved demand in the United States have, to some extent, offset the losses caused by disruptions in the Middle East.