Strait of Hormuz crisis triggers cost surge fears

This handout satellite image taken by 2026 Planet Labs PBC on Monday shows smoke billowing following an explosion from the port of Bandar Abbas along the Strait of Hormuz.—AFP

KARACHI: Escalating military conflict in the Middle East and the closure of the Strait of Hormuz have forced global shipping companies to adopt precautionary measures for the movement of goods by sea as well as for their staff and crew, while some firms have indicated the imposition of war-risk and contingency surcharges on cargo.