Reopening strait of Hormuz would have limited impact on cargo flows, says Maersk

CEO of Danish shipping group says increased costs due to higher fuel bills passed on to customers

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The boss of the shipping company Maersk has said the reopening of the strait of Hormuz would have a limited impact" on cargo flows, as the industry grapples with a sharp rise in energy costs.

Vincent Clerc, chief executive of the Danish shipping group, said its fuel bill had nearly doubled since the start of the conflict, adding as much as $500m (367m) in costs per month, but it had passed this on to its customers through higher freight rates.