[Regnum] Restrictions on shipping in the Strait of Hormuz threaten a global food crisis. This assessment was made by John Denton, Secretary General of the International Chamber of Commerce, on October 5.
"People look at [what's happening in the Strait of Hormuz] primarily through the prism of the fighting between the US and Iran, which is, in some ways, theatrical. <…> But the main issue is the fertilizer situation," The Wall Street Journal (WSJ) quotes Denton as saying.
The article notes that approximately a third of the world's fertilizer supplies previously passed through the Strait of Hormuz, but after shipping in the strait was restricted, available capacity for fertilizer production and supply decreased by almost 40%, and the market lost approximately 2.7 million tons of product.
If the situation continues, grain prices could rise by up to 80%, Denton noted. He noted that some developing countries are particularly dependent on fertilizer exports—in particular, the Philippines, which exports up to 90% of its output.
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