Episode summary
Bloomberg Surveillance TV: March 13th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 22 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Eugene Seroka, Robert Walsh, Rachel Ziemba
Summary
The episode focused on the fallout from escalating tensions around the Strait of Hormuz, where shipping disruptions, war-risk insurance costs, and fears of naval mines are already constraining tanker traffic. The port executive said many vessels are effectively stuck, with carriers avoiding the route because crews, cargo, and insurance are all too exposed. He said Asia-to-Middle East container flows have largely halted, fuel costs have doubled in 10 days, and freight markets are absorbing a sharp rise in bunker costs even though U.S.-bound supply chains remain mostly smooth for now.
The retired lieutenant general argued that Iran is using asymmetric warfare to gain leverage ahead of any negotiations, and said a multinational naval coalition would likely be needed to keep the strait open and clear mines if they are deployed. He said the U.S. has the capability to suppress Iranian missiles and drones, but that commanders would want to set conditions before sending escorts into contested waters.
An analyst from the Center for a New American Security said the market is in a “quite a mess,” warning that oil, diesel, jet fuel, and product markets could tighten further into early April. She said demand destruction is already starting in Asia and Europe, but that the bigger U.S. risk is a growth slowdown, higher electricity and gasoline prices, and more pressure on investment if the uncertainty drags on.
Key takeaways
- The port executive said dozens of container ships and tankers are stuck near the Strait of Hormuz because carriers cannot justify the insurance or crew risk.
- He said war-risk premiums of about $3,000 per container are keeping vessels from transiting the region.
- The retired lieutenant general said Iran is relying on asymmetric pressure, including the possible use of naval mines, to gain negotiating leverage.
- The analyst said early April is the key watchpoint for oil markets, when physical supply risks could intensify if the strait remains constrained.
- She said demand destruction is already emerging in Asia and Europe, while the U.S. faces more of a growth-slowdown risk than an immediate recession call.
Notable quotes
“There are thousands of vessels that are stuck in the Arabian Gulf and just to the east outside of the straight of Horus”
“Risking the life and limb of crew is just not an option for the private sector companies today”
“the fuel component right now is about 25% of the overall freight cost, almost double or much higher than it normally is”
“they would rather stand off than stand in”
“I think we're in quite a quite a mess”
How the episode opens
Bloomberg Audio Studios podcasts radio news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Pharaoh along with Lisa Abramitz and Amarie Hordern.
Join us each day for insight from the best in markets, economics, and geopolitics. From our global headquarters in New York City, we are live on Bloombo television weekday mornings from 6:00 to 9:00 a.m. Eastern.
Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always, on the Bloomberg terminal and the Bloomberg Business app. Here's the latest this morning.
The Trump administration seeking to curb crude volatility, saying the US Navy will assist in escorting tankers through the straight of quote soon as Iran's new Supreme issues supreme leader issues a statement saying the crucial waterway should remain closed. Gene Soka, the executive director of the port of Los Angeles joins us now for more. Gene, welcome to the program.
Can we start with the operational consequences here and can you talk us through a picture of what you see the transit times that have had to be extended now because of the difficulties getting through that very tight straight of m what's going on now? Well, good morning, John. Not much.
There are thousands of vessels that are stuck in the Arabian Gulf and just to the east outside of the straight of Horus, about 114, 115 container ships, balance bulkers, tankers, and those energy ships that you've talked about in the previous segment. The companies do not have an interest right now, nor is there enough money for insurance to transit those ships through the straight. Risking the life and limb of crew is just not an option for the private sector companies today.
So, Gina, are you saying that for many they're just doing a hands-off approach and have canceled a lot of transits?
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- world markets
- economy
- investment
- port logistics
- navy mutual aid
Watch the episode
Watch “Bloomberg Surveillance TV: March 13th, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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