Jeremy Nixon (CEO of Ocean Network Express) said that container ships accounted for about 100 of the 750 ships backed up around 'the Strait of Hormuz after U.S.

Nixon told a container shipping conference in Long Beach California that "about 10% of the global fleet is affected by this." As Iran retaliated to U.S.-Israeli strikes, maritime insurers stopped?voyages across the strait that connects Iran and Oman. This strait carries one-fifth of all oil used globally, as well as a large amount of gas. Iranian state TV reported Monday that the commander of Iran's Revolutionary Guards said that any ship that tried to cross the strait will be "set ablaze".

He said that "all of this cargo will start to back up" at shipping hubs in Europe and Asia.

ONE, as well as 'rival container carriers like industry leader MSC, have ceased booking cargo for 'the Middle East.' Nixon, who is stepping down from his position as CEO of ONE on July 1, said that.

The company is a?privately held?joint-venture established by Japanese shipping lines Nippon Yusen Kaisha, Mitsui O.S.K. Lines (MOL), and K Line.

(source: Reuters)