China calls for vessels in strait of Hormuz to be protected amid soaring shipping costs

"Beijing's foreign ministry on Tuesday urged all parties to immediately cease military operations, avoid escalating tensions and safeguard the safety of navigation in the strait of Hormuz. China is the world's largest importer of oil and fossil gas and has in recent times been the major buyer of Iranian oil, making it one of the countries most exposed to the interruption to energy shipments."

"The strait of Hormuz, located on Iran's southern border, is one of the most important global trade arteries and remained devoid of ships for a fourth day on Tuesday. It carries around 20% of global seaborne crude oil, while around 20% of seaborne gas tankers and one-third of the most widely used fertiliser pass through it."

"The effective closure of the strait chokes off energy exports from large producers including Saudi Arabia, the United Arab Emirates, Iraq and Kuwait, as well as Iran, to the rest of the world, triggering energy shortages and higher prices. India, which is dependent on oil and gas imports from the Middle East, is one of the other Asian countries most affected by closure of the shipping channel."

Following US and Israeli missile attacks on Iran and subsequent Iranian retaliation, maritime traffic through the Strait of Hormuz has effectively ceased for multiple days. China's foreign ministry called for all parties to halt military operations and protect navigation safety in this critical waterway. The strait carries approximately 20% of global seaborne crude oil, 20% of seaborne gas tankers, and one-third of widely-used fertilizer. The closure blocks energy exports from major producers including Saudi Arabia, UAE, Iraq, Kuwait, and Iran. China, the world's largest oil and fossil gas importer and major buyer of Iranian oil, faces severe energy supply disruptions. Other vulnerable nations include India, Korea, Thailand, and the Philippines, which depend heavily on Middle Eastern energy imports. Shipping companies have begun rerouting vessels, and freight rates have soared significantly.

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