Norden Is Assuming Its Ships Will Be Stuck in Hormuz All Year

One of the world’s largest commodity shipping companies is planning for a scenario in which the Strait of Hormuz remains effectively shut for the rest of the year, highlighting how the Iran conflict is upending expectations across the maritime cargo industry.

Jan Rindbo, chief executive officer at Denmark’s D/S Norden A/S, said Monday the company has based its full-year guidance on the assumption that vessels currently trapped in the Persian Gulf will not be able to leave before year-end. That’s because visibility is so limited, not because such a lengthy closure is the most likely outcome.