ONE CEO says about 10% of the world's container ships are stuck in the Strait of Hormuz

“About 10% of the global container fleet is trapped here,” Nixon said at a container shipping industry conference held in Long Beach, California. As Iran retaliates against US-Israeli strikes, marine insurance companies have suspended navigation through the strait between Iran and Oman. This strait is responsible for transporting about one-fifth of global oil consumption and a large amount of natural gas.