Massive cargo backlog remains trapped in Persian Gulf

According to Allianz Commercial’s newly released Safety and Shipping Review 2026, approximately 1,150 to 1,200 cargo vessels, representing 29 million gross tonnes of shipping capacity and up to 20,000 seafarers, remain stranded in the Persian Gulf. The combined value of these trapped ships and their cargo is estimated at a staggering $125 billion. This massive logistical backlog is the result of a months-long effective closure of the Strait of Hormuz chokepoint. While the recent June 17, 2026 framework peace agreement between the US and Iran has provided a slight bump in outward traffic, maritime insurers and industry experts warn that fully clearing the backlog will take weeks. Persistent risks—including an estimated 80 naval mines deployed by Iran and lingering threat levels for crews—mean global operators are heavily prioritising operational resilience over cost efficiency, shifting supply chain strategies permanently from just-in-time to just-in-case, according to a report. 

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