OSLO, Norway – 22 April, 2026
Hours after the announcement of an extension of the US-Iran ceasefire, Iran’s Islamic Revolutionary Guard Corps (IRGC) is reported to have seized two container ships in the Strait of Hormuz — the MSC Francesca (11,660 TEU) and the MSC Epaminondas (6,690 TEU).
Peter Sand, Chief Analyst at Xeneta – the leading ocean and air freight intelligence platform – calls ongoing blockades and attacks on commercial shipping in the Strait of Hormuz ‘the weaponization of trade’.
He said: “The extended ceasefire can be seen as a positive step, but if it brings a calming of conflict in the skies, that has not reached the water because there is no safe and free passage through the Strait of Hormuz. This is the weaponization of trade, with both sides recognizing the pain they can inflict with a bottleneck in the Strait of Hormuz.”
The seized vessels were on eastbound voyages and two of six MSC ships which transited the Strait of Hormuz over the weekend while switching off AIS transponders, with the remaining four reaching safer waters.
Strait of Hormuz transits were increasing
Data shows Saturday marked the highest number of transits through the Strait of Hormuz since the escalation of conflict at the end of February. A daily average of around 14 merchant ships have passed through the Strait of Hormuz in the past four weeks, but this is only 10% of normal transits.
Sand said: “The lowest number of transits was mid-March, but since then it has been gradually increasing despite the blockades, which have been leaky from the start. Saturday saw a post-conflict high of 43 transits, including 10 container ships, possibly in response to increased hopes the Strait was re-opening.
“However, the latest seizures make clear, even an ‘open’ Strait of Hormuz is not a safe Strait of Hormuz for seafarers, ships and cargo.”
Sand warned the ceasefire will not allow a stabilization of ocean trade until there is greater reassurance over risk.
He said: “The fact we have seen ships still transit the region throughout the conflict, even in small numbers, shows ship owners and operators want to keep maritime supply chains moving, but unfortunately there is no such thing as free navigation of the critical Strait of Hormuz.
“What we saw over the weekend was a spike in transits, but numbers are down again, and will remain down until we have real, trustworthy intelligence and communication to allow ships to operate in a safe manner.
Freight rates start to ease
Sand outlined more positive news for shippers in terms of the operational and financial impact of the conflict on supply chains, with alternative routing into the Middle East now established and freight rates starting to ease.
Average ocean container shipping spot rates from China to Jeddah – a key land bridge set up to connect Middle East destinations cut off by the de facto closure of the Strait of Hormuz – are up 63% since the escalation of conflict on 28 February. However, they have fallen 11% during April to stand at USD 4 969 per FEU (40ft container).
Sand said: “We see the first signs of freight rates coming down from the rapid rise in the aftermath of conflict.
“In Jeddah – one of the go-to alternative ports for shippers – we see inevitable port congestion caused by the land bridge bottleneck, but we also see that rates have spiked and are starting to ease. This shows the workarounds are functioning for food and essential cargo into Middle East, but land bridges are constrained in terms of what kind and volume of goods they can handle, so shippers are still managing severe supply chain disruption.”
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This is an evolving situation – surely. Later today, Xeneta’s Weekly Market Update will go out – find it here: https://www.xeneta.com/press
