Hormuz Crisis Disrupts Global Trade as Fleet Expansion Continues

## Critical Developments in Hormuz The Strait of Hormuz has become increasingly unstable over the past 72 hours, with a series of vessel attacks, port closures, and US naval operations creating unprecedented disruption to global maritime commerce. According to reports from Splash247, the crisis has left shipping operators scrambling to reassess fleet operations in one of the world's most critical chokepoints, through which roughly 24% of global oil flows. The geopolitical instability has triggered an immediate secondary shock: a fertiliser supply crisis. With approximately 24% of global bulk fertiliser now effectively stranded behind the Strait of Hormuz, agricultural markets from Brazil to Southeast Asia face potential price spikes and supply shortages. This disruption is reshaping fertiliser trade patterns and threatening crop economics globally, with implications extending far beyond the maritime sector into food security and agricultural commodity pricing. ## Fleet Expansion in Gas and Offshore Sectors Despite regional uncertainty, major shipping operators are moving forward with significant capacity additions in strategic segments. Mitsui OSK Lines (MOL) has secured long-term employment for an LNG carrier newbuilding through a charter agreement with Japan's Inpex Corporation, demonstrating continued confidence in liquefied natural gas demand. The 174,000 cubic meter LNG carrier Harmonic Breeze represents MOL's first such exclusive charter arrangement with the energy company. Energy trader BGN is accelerating its shipping presence with an order for four 90,000 cubic meter dual-fuel VLGCs (very large gas carriers) at HD Hyundai Heavy Industries in South Korea, with deliveries expected in the second half of 2027. This investment underscores the sector's bullish outlook on LPG and LNG transportation despite near-term regional volatility. French owner LD Armateurs is also expanding capabilities, acquiring the multipurpose support vessel Siddis Mariner from Norwegian owner OH Meling. The vessel, to be renamed TVO Mariner, strengthens LD TravOcean's subsea and offshore support fleet, positioning the group for continued growth in offshore project support services. ## Industry Implications While the Hormuz crisis creates near-term operational and trading challenges, the ongoing investment in fleet capacity suggests major operators view current disruptions as temporary. However, the fertiliser and commodity impacts could have lasting effects on global supply chains and agricultural economics, potentially creating sustained route diversification and alternative sourcing strategies for months to come.