Hormuz closure strands almost 1,200 cargo ships with $125bn worth of goods

Allianz Commercial says the disruption in the Strait of Hormuz has stranded about 1,150 to almost 1,200 cargo ships carrying roughly $125 billion in goods, highlighting the scale of the shutdown at one of the world’s most important maritime chokepoints.

The insurer’s figures, which were reported this week by the Wall Street Journal and the Financial Times, suggest the closure and reported mining of the waterway have left shipping in a slow and uneven recovery even after the U.S.-Iran ceasefire.

Traffic through the strait remains far below normal. Reporting cited in the coverage says prewar traffic reached as many as 140 vessel crossings a day, while about 69 vessels crossed in the week ending June 21. That points to only a partial rebound so far, not a return to routine transit.

Allianz also says up to 20,000 seafarers are affected by the disruption. Axios reported that the International Maritime Organization is working on an evacuation or safe-passage effort for stranded crews, underscoring the operational strain on shipping firms as well as the human toll.

What Allianz is measuring

The Wall Street Journal said Allianz estimates roughly $125 billion in vessels and cargo remain stranded in the Persian Gulf, with about 1,150 cargo vessels affected. The Financial Times rounded that figure to almost 1,200 ships, reflecting differences in how the backlog is counted.

That variation does not change the central point: the closure has left an unusually large volume of commercial traffic waiting to move through or around the region. The affected cargo spans a major global trade route, and the scale of the backlog means the recovery will likely take time even if the ceasefire holds.

Why the reopening is slow

The reporting shows a waterway that is technically easing but not yet normalizing. WSJ live coverage on June 24 said traffic remained far below prewar levels despite a preliminary reopening agreement, and other coverage pointed to a gradual recovery rather than a clean restart.

The insurer says the main problem is not just pricing. Allianz has argued that the bigger issue is the risk to ships and crew transiting a conflict zone. Mines, security concerns and uncertainty over passage conditions are still shaping whether operators are willing to send vessels through Hormuz.

Crew, insurers and logistics firms

The disruption has also become a crew-safety problem. Allianz says as many as 20,000 seafarers are affected, and reporting on the IMO’s response suggests maritime authorities are trying to help move or repatriate stranded sailors while shipping remains disrupted.

For insurers and logistics firms, the situation is more than a temporary delay. War-risk exposure, route uncertainty and the possibility of further instability all affect how underwriters and shipowners evaluate future voyages, even if the formal closure eases.

Diplomatic pressure over passage

The reopening debate is also political. U.S. Secretary of State Marco Rubio has said the Strait of Hormuz must remain toll-free and that no country, including Iran, can charge for passage.

That stance adds to the uncertainty around what a durable reopening would look like. Reporting has framed the corridor as partially reopening, but officials and shipping interests still need a clearer framework for safe passage before traffic can return to normal levels.

What happens next

The key questions are whether the ceasefire holds, whether any toll or corridor arrangement is formalized, and how quickly the maritime backlog can unwind. Allianz and the reporting around it suggest that even after the immediate crisis passes, the region may remain a more volatile shipping environment.

For now, the clearest numbers are the ones that show the scale of the disruption: about 1,150 to almost 1,200 ships, roughly $125 billion in stranded vessels and cargo, and traffic that is recovering only slowly.