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Indian Shippers Brace for Total Loss After Hormuz Container Ship Strike

Indian shippers face significant cargo losses following a missile attack on the Malta-flagged San Antonio in the Strait of Hormuz on May 5. The 2,824 teu vessel, operating on CMA CGM's Midas Loop 2 service connecting India, the Middle East and Africa, sustained severe damage and multiple crew injuries. CMA CGM Chairman Rodolphe Saade indicated damage was so extensive the company is considering scrapping the ship. The carrier plans to invoke General Average provisions, affecting an estimated 200 to 250 Indian containers aboard. Under maritime law, cargo owners must pay their portion of claims to secure container release. Industry sources expect the process will result in total losses for Indian shippers given current circumstances. Containers will be discharged at a safe Gulf location pending resolution of insurance claims and General Average settlements.