The Strait of Hormuz is functionally closed to normal commerce, and the numbers tell the story. Ocean-freight diversions in the Hormuz corridor are up more than 360 percent versus pre-crisis levels, according to project44 data. [1] Maersk issued an emergency freight increase on March 2, days after the strikes began. [2] Reuters reported that daily rates for very large crude carriers on the Middle East-to-China route exceeded $400,000 — an all-time high. [3]

War-risk insurance has compounded the cost. For a $150 million container vessel, per-transit insurance costs have doubled from roughly $375,000 to $750,000. [4] CMA CGM introduced emergency conflict surcharges. Container leasing costs have risen $200 per 20-foot unit, a 15-20 percent surge. [5]

The BBC quoted the CEO of the world's second-largest shipping company: the costs will be passed to consumers. [6] That pass-through is not instantaneous — it takes weeks for higher freight rates to reach retail shelves — but it is coming. Iran has meanwhile proposed legislation to impose transit fees on ships passing through the strait, a move that would formalize the chokepoint as a toll road. [7]