Events in the Middle East during February and March 2026 again disrupted the flows of shipping trade to the eastern and western spheres of the international system.
Given that the global economy is maritime based and rests on secure and predictable flows of goods by sea, the armed attacks on Iran and their maritime spillovers sharply underlined the vulnerability of global maritime trade and its value, which is embedded in safe and predictable deliveries of goods in the interconnected global system.
Although armed attacks caught much of the attention, a more subtle development was playing out as shipping lines and insurers again contemplated the convenience of the Cape sea route around the southern tip of Africa.
