German shipping giant blocked Strait of Hormuz says it spends more than $50 million in extra weekly

Traffic in the Strait of Hormuz continues to be blocked. On May 8, local time, Niels Haupt, a senior executive of German shipping giant Hapag-Lloyd, said in an interview that since the outbreak of the war, the company has increased additional costs by at least US$50 million per week on average. Niels Haupt, executive at Hapag-Lloyd: This conflict has added Hapag-Lloyd's costs to at least US$50 million a week. For the entire logistics industry, whether it is a land logistics company, an airline, or a container shipping company like ours, the biggest cost is fuel. At present, it is unlikely that fuel prices will fall significantly in the next few days or weeks.