Key insights
- Cosco has resumed bookings for Asia-Gulf shipments after Iran eased restrictions, potentially easing supply chain bottlenecks. While positive for global trade, the impact on US equities is slightly negative due to the strengthening of trade ties between China and Iran, potentially reducing US influence in the region.
Investing.com -- Cosco, China’s largest shipping company, announced Wednesday that it has restarted bookings for container shipments between Asia and the Gulf region following Iran’s decision to allow passage for "non-hostile" vessels through the waterway.
The state-owned container shipping company said it will resume bookings for shipments to the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait and Iraq. The move comes after Iran posted on X that vessels deemed non-hostile could pass through the waterway in coordination with Iranian authorities.
Iran had previously managed to halt most ship traffic through the region. China accounts for more than 80% of Iran’s oil exports.
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