Tensions in the Red Sea have continued to escalate with reports that an oil tanker embroiled in a dispute between the US and Iran has been seized off the coast of Oman.
According to reports from UK maritime authorities the raid was carried out by individuals in military-style uniforms.
The seizure comes as threats to shipping in the Middle East are already at the highest level in decades with the Royal Navy's HMS Diamond already shooting down drones aimed at tankers as part of a US-led Western naval fleet sent to the area.
Speaking to the Financial Times, the chief executive of Maersk, the world's second-largest container shipping firm, warned it could take months to reopen the Red Sea route to trade.
Vincent Clerc describes the recent series of attacks as “brutal and dramatic” and that there were “no winners” as vessels are forced to take a lengthy and costly detour around South Africa instead.
“It’s unclear to us if we are talking about re-establishing safe passage into [the] Red Sea in a matter of days, weeks or months . . . It could potentially have quite significant consequences on global growth,” he added.
About 12% of global trade passes through the vital waterway but according to the Kiel Institute, there were only around 200,000 containers daily in November compared to 500,000 normally.
Ship owners say it is taking seven to 20 days longer to complete than the traditional Red Sea route.
Tesco boss Ken Murphy warned that the delays from sending ships around South Africa rather than through the Red Sea could mean prices at shops going up.
Murphy said: “If they do have to go the whole way around Africa to get to Europe, it extends shipping times, it constrains shipping space and it drives up shipping costs.
“So that could drive inflation on some items, but we just don’t know.”
Iran-backed Houthi rebels from Yemen have stepped up drone attacks on shipping in the Red Sea following Israel’s invasion of Gaza.