CHINESE SHIPPING GIANT COSCO RESUMES SHIPMENT BOOKINGS TO GULF COUNTRIES

ISTANBUL, March 25 (Bernama-Anadolu) -- Chinese shipping giant Cosco, one of the world’s largest oil tanker operators, has resumed accepting new bookings for general cargo container shipments to Gulf countries on Wednesday.

Anadolu Ajansi reported Cosco in a company statement said new reservations can now be made for general cargo container transport from Far East countries to the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq.

The statement warned that new bookings and shipments remain subject to change due to the unstable situation in West Asia.

Although the company did not mention any resumption of fuel trade or tanker bookings, analysts said the move could signal a partial arrangement with Iran to allow safer passage through the Strait of Hormuz.

Earlier this month, Cosco had suspended cargo services to and from several Gulf countries, citing escalating tensions in the Middle East.

Shipping traffic through the Strait of Hormuz, a critical artery for global goods and energy trade, had been largely disrupted by escalating tensions in the Gulf following US and Israeli attacks on Iran and Tehran’s retaliation.

The strait, which connects Saudi Arabia, the UAE, Kuwait, Qatar, Iraq, and Iran to global markets, handles roughly 25 per cent of global oil trade, about 20 per cent of liquefied natural gas trade, and nearly 30 per cent of fertiliser trade.

Around 45 per cent of China’s oil imports and 20 per cent of its LNG imports reach the country via the Gulf and the Strait of Hormuz.

Disruptions to tanker traffic in the strait have already caused global oil supply interruptions and pushed prices higher.

-- BERNAMA-ANADOLU