Some P&I clubs are expected to issue similar cancellation notices to those published by other members of the International Group on March 2.

Update from the Guardian: Strait of Hormuz closed, Iran's Revolutionary Guards says.

Hapag-Lloyd on March 1 announced a “war risk surcharge” of $1,500 per 20-foot container, effective March 2. France’s CMA CGM SA will charge $2,000.

The Strait is one of the most important focal points at times of tension with Iran, because a fifth of the world’s seaborne oil and liquefied natural gas goes through it each day.

Many countries, including the U.K., continue to back the carbon levy, which would be the first time ships were charged for their emissions.

Panamanian officials are hoping to reassure carriers and shippers that operations will remain stable while a longer-term concession process unfolds.

The order not only adds to CMA's growing fleet of alternative-fuel vessels, but also strengthens its ties in one of the world’s fastest-growing shipbuilding markets.

Seroka noted that despite the trade war uncertainty, “purchase orders that go out three months in advance to Asia look stable, a good sign.”

The administration says it will look to focus on special loans and tax breaks for American shipbuilders, as well as workplace development initiatives for U.S. mariners. 

More than 600 tankers have been sanctioned by a combination of the European Union, the U.K. and U.S. for their links to Russia.