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Welcome to all our new subscribers and a warm “Ahoy” to our loyal readers. Another new week, let's take a look 🔭
In today’s email:
Liberties Clause: ⚓ Shipping lines divert cargo as risks rise in Hormuz.
Gold Rush: 💰 Cartels shift from cocaine to billion-dollar illegal gold trade.
LNG Strike: 🔥 World’s largest gas hub in Qatar hit by missile attack.
Jones Act Waiver: 🚢 Trump allows foreign ships to ease U.S. fuel crunch.
SHIPPING NEWS

Shipping Lines Activate Century Old Clause — Shippers Carry the Risk
Rising risks in the Middle East are now directly affecting global shipping, with traffic through the Strait of Hormuz slowing to a crawl and carriers reverting to rules that haven’t been widely used in decades. At the centre of this shift is something most importers have never had to think about: the “liberties clause” in a bill of lading.
This clause — rooted in maritime law from the 1800s and formalised under the Hague Rules — gives shipping lines the right to change course, delay voyages, or discharge cargo at a completely different port if continuing the journey becomes unsafe. And right now, that’s exactly what’s happening.
Major carriers including MSC, Maersk, CMA CGM and Hapag-Lloyd are actively invoking this clause as security risks escalate in the region. Instead of completing voyages into the Arabian Gulf, some vessels are offloading containers at alternative “safe ports,” leaving cargo owners to figure out how to get their goods to final destination.
What this means in practice:
Containers aren’t guaranteed to arrive at the port listed on your booking
Cargo may be discharged thousands of kilometres away
Shippers are responsible for all additional costs — re-transport, storage, handling
Emergency surcharges are being added rapidly across trade lanes
We’re already seeing:
Flat surcharges per container being introduced
Sharp increases in freight rates into Gulf countries
Additional fuel and risk-related charges layered on top
Examples:
MSC issuing “End of Voyage” declarations — an operational use of the liberties clause, where the carrier terminates the contracted journey early and discharges cargo at a safe port — while applying ~$800 per container surcharges.
Maersk introducing emergency rate increases of up to ~$3,800 per 45ft unit across Gulf destinations, alongside a new Emergency Bunker Surcharge (effective 25 March).
At the same time, vessels avoiding the region entirely are being rerouted around Africa via the Cape of Good Hope — adding up to two extra weeks transit time and putting further pressure on global capacity. This isn’t a short-term disruption — it’s a reminder of how much power sits inside the fine print of shipping contracts. For years, global trade has operated in a relatively stable environment where these clauses were rarely enforced. Now, almost overnight, carriers are exercising rights that effectively shift risk back onto cargo owners.
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VIDEO OF THE WEEK
From Cocaine To Gold: The Cartels' New Billion-Dollar Trade
Amid global crackdowns on cocaine trafficking, Colombia’s cartels and criminal groups have shifted to a new top moneymaker: gold. But as the government tackles illegal mining, artisanal workers whose families have relied on the gold for generations are caught in the crossfire.
TRADE SNIPPETS
World’s largest LNG hub hit by missile attack in Qatar. Qatar’s Ras Laffan Industrial City — a key global LNG hub — was struck by missiles, causing fires and damage, disrupting energy operations and raising risks across global gas supply chains.
European jet fuel prices hit record highs as Middle East war escalates. European jet fuel prices have reached record levels as Middle East tensions disrupt supply, tightening inventories and pushing aviation fuel costs sharply higher across key trading hubs.
Trump issues Jones Act waiver to ease fuel crunch. The Trump administration has announced a temporary waiver of the Jones Act, allowing foreign ships to transport goods between U.S. ports to ease fuel supply disruptions and reduce rising energy costs amid global shipping instability.
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