The escalating Israel-Iran conflict has prompted shipowners to exercise an extra degree of caution in both the Red Sea and the Strait of Hormuz.

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.

Shipowner Frontline said the incident near the Strait of Hormuz was due to navigational issues and not related to the current Israel-Iran conflict.