The Balboa port is one of two terminals along the strategic Panama Canal that have become a flashpoint in the rivalry between the U.S. and China.

 Marine Traffic estimates that tanker transits through the Strait of Hormuz were down by 90% between February 25 and March 4.

President Donald Trump had previously vowed to offer insurance guarantees and possible U.S. Navy escorts to oil tankers transiting the Strait of Hormuz.

Tehran has sent at least 11 million to 12 million barrels through the waterway since the war began on February 28.

Transport through the Strait of Hormuz remains at a near standstill as the Middle East war disrupts the vital waterway.

The trip still depends on navigation in the crucial Strait of Hormuz, which is effectively closed for commercial ships.

New import bookings have collapsed while cancellations spike, reports Dun & Bradstreet.

For the container industry, war-risk surcharges are no longer exceptional line items that appear and disappear with individual conflicts. 

What container shippers want most today is service stability. But global forces are making that wish increasingly tough to grant.

President Donald Trump said on March 3 that the U.S. International Development Finance Corporation would offer insurance “at a very reasonable price."