Hormuz tension keeps pressure on rates; Section 122 invalidated – May 12, 2026 Update

Ongoing tensions in the Strait of Hormuz continue to impact global freight rates, with Maersk estimating significant additional costs that carriers are largely passing on to customers. While transpacific ocean rates have risen, Asia-Europe prices have shown more volatility, and carriers are using blanked sailings to maintain rates during a period of low demand. Additionally, a US court invalidated the president's use of Section 122 tariffs, setting the stage for potential widespread tariff refunds amid efforts to renegotiate trade relationships.