The closure of the Strait of Hormuz, a critical global shipping corridor, poses a major threat to international trade, energy supply, and global economic stability, maritime experts have warned.  

Fred Asiedu Dartey, Head of Freight and Logistics at the Ghana Shippers Authority (GSA), said the strait connects the Persian Gulf to the Indian Ocean and accounts for about 20 to 30 per cent of global seaborne oil trade.  

Dartey explained that approximately 20 million barrels of oil pass through the corridor daily, describing it as a “pressure valve” for the global energy system.  

He said this when speaking at a media forum powered by the Ghana Ports and Harbours Authority (GPHA) on the theme “Impact of the Closure of the Strait of Hormuz on Trade, Supply Chain and the Shipping Industry”.  

“Any disruption or closure of that space creates chaos across global markets,” he said, noting that hundreds of vessels were already stranded, while freight rates and insurance premiums had surged.  

He added that some insurance providers had either increased premiums significantly or withdrawn coverage for vessels operating within the area, worsening the situation for shipping operators.  

Captain Francis Kwesi Micah, a Maritime Consultant, said the disruption was already affecting major industrial economies, including China, Japan, South Korea, and India, which rely heavily on oil supplies from the Gulf region.  

Captain Micah warned that reduced energy supply would impact production volumes globally, leading to higher prices of goods and services.