On February 28, 2026, the United States and Israel began coordinated military strikes against targets in Iran, to which Iran responded with retaliatory measures. This resulted in a significant escalation of geopolitical tensions in the Middle East.
The situation is leading to increased risks for international maritime shipping, particularly in the Strait of Hormuz and the Red Sea. Attacks on merchant vessels and the ongoing threat posed by Houthi rebels have prompted some shipping companies to adjust their routes. This may result in longer transit times as well as additional war risk and emergency surcharges.
In addition, the escalation led to an increase in oil prices, which may impact global supply chains as a cost factor. This may result in increased transportation costs, potential delays in supply chains and constraints on the predictability of vessel calls.
The further development of the geopolitical situation and the exact extent of potential financial and operational impacts on the Group cannot currently be reliably assessed. To the extent that rising costs cannot be passed on to customers, or only with a delay, this may result in a negative impact on earnings.