On Monday, 2 March 2026, the Danish shipping company Norden (Dampskibsselskabet Norden) suspended all new business requiring transits of the Strait of Hormuz. The company took this decision following the recent military escalation triggered by USA and Israeli strikes on Iran, and the subsequent retaliation by Tehran. This move by Norden highlights the growing disruption across key maritime routes.
Details of the suspension and fleet impact
Norden announced it stopped taking on new operations that require vessels to pass through the Strait of Hormuz. The company did not specify the exact number of affected voyages. Furthermore, the company did not clarify how it will manage ships already positioned in the wider Gulf region.
This move follows a similar decision by the Danish shipping giant Maersk. As NordiskPost previously reported, Maersk also suspended its transits through the region due to the escalating security risks.
Norden operates globally in the dry cargo and product tanker markets. The company charters vessels on short- and medium-term contracts and maintains a smaller owned fleet. Consequently, this decision affects both the company and the charterers that rely on its capacity to transport industrial commodities and refined petroleum products.
Escalation disrupts the critical Strait of Hormuz corridor
The Strait of Hormuz serves as a vital energy corridor, handling approximately 20% of global petroleum consumption and a fifth of liquefied natural gas (LNG) trade. However, recent military escalations involving USA and Israeli strikes on Iran, alongside Tehran’s retaliatory attacks, have severely disrupted this route.
The conflict has left around 150 vessels stranded and prompted marine insurers to withdraw war risk coverage effective 5 March. Consequently, voyages through the Gulf have become operationally unviable, immediately driving up global freight costs, insurance premiums, and energy prices.
Economic consequences for Europe and the Nordic region
For Europe, the immediate risk relates less to a direct dependence on Gulf crude and more to how global markets price risk. A constrained Strait of Hormuz typically leads to higher energy prices and tighter tanker availability. European states heavily rely on liquefied natural gas (LNG) imports to replace Russian pipeline gas. If major producers like Qatar face difficulties exporting through the strait, Europe will need to compete more aggressively with Asian markets for alternative supplies. This competition inevitably drives up costs.
Furthermore, the disruption increases expenses for cargo insurance and freight. Vessels rerouting around the Cape of Good Hope face significantly extended journeys. These longer routes consume more fuel and reduce the overall availability of ships globally. Markets already showed upward price movements, as traders began pricing in the risk of a sustained maritime crisis.
For Nordic supply chains, extended and uncertain routes affect both industrial inputs and consumer goods. Export-oriented economies, such as Sweden and Finland, face higher logistical costs for shipping machinery and technology to Asian markets. Simultaneously, imported consumer goods become more expensive, potentially reviving inflationary pressures across the region. These supply chains rely heavily on predictable global shipping schedules managed by Scandinavian maritime companies like Norden. The prolonged rerouting therefore tests the resilience of both local industries and broader European economic stability.
