Shipping companies are facing mounting costs and risks as the Strait of Hormuz remains closed more than two months into the Iran war, reports the Associated Press.

President Donald Trump announced 'Project Freedom' on Sunday to guide ships out of the strait, but paused the effort to allow time for peace talks. Two vessels made the transit before the plan was halted.

Risks remain high. CMA CGM reported that one of its containerships was damaged in an attack while attempting passage. Concerns about Iranian speedboats and drones have led major operators to declare the strait unsafe.

Maritime lawyer Sean Pribyl emphasized that safety remains the overriding issue. 'We are not anywhere near to returning to a free flow of traffic,' he said.

Before the conflict, 100 to 135 vessels crossed Hormuz daily, according to Lloyd's List Intelligence. Iran now requires ships to undergo vetting by the Revolutionary Guard, including crew and cargo checks and, in some cases, fees, raising sanctions risks for operators.

US military officials estimate that more than 1,550 vessels and 22,500 mariners are stranded in the Gulf. The US Navy is enforcing a blockade outside Hormuz in the Gulf of Oman and Arabian Sea.

Insurance costs have surged. War risk premiums now range from 3 to 10 percent of cargo value, up from less than one percent, said Ed Anderson of the University of Texas. Even when insured, most shippers deem the crossing too dangerous.

Hapag-Lloyd stated that the crisis is costing it US$60 million a week, with four of its 301 vessels stranded. The company has suspended services and sought alternate routes, but capacity is limited.

Maersk reported that its US-flagged Alliance Fairfax carrier exited Hormuz safely on Monday with a US military escort.

Analysts warn that recovery will be slow. Kaho Yu of Verisk Maplecroft noted that energy markets will remain cautious until risks recede. Razat Gaurav of Kinaxis added that ocean shipping takes weeks or months to normalize even after conditions improve.