Strait of Hormuz: Rising implications for Greek shipping and trade

The Piraeus Chamber of Commerce & Industry (PCCI) has expressed strong concern over the latest developments in geo-economic balances, which are increasing the cost of shipping, trade and business.

According to the PCCI, the blockade or any disruption to the operation of the Strait of Hormuz, directly affects the global economy. Approximately 20% of the global oil trade, a significant share of liquefied natural gas exports, as well as thousands of commercial ships connecting Asia with Europe and international markets, are transported through this sea passage.

The latest developments in the Persian Gulf region mark a new phase in international trade and energy balances.

The transition from the initial proposal to impose a special transit fee on cargo passing through the Strait of Hormuz towards a model based on bilateral trade and investment agreements, combined with the new blockade applied to the region, creates a particularly complex environment for global trade,