While recent tensions in the Middle East were a fresh reminder of how quickly geopolitical conflicts can escalate, they also cast a renewed spotlight on the fragility of the global supply chain and just how reliant the shipping industry is on a handful of key trade corridors.

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It's likely that until last week, most Australians had no idea where the Strait of Hormuz was located, nor realised its crucial role in the transportation of the world's oil.

The Strait is the only sea passage for oil and gas shipments out of the Persian Gulf, moving an estimated 20 million barrels of oil daily, and threats to close it triggered significant global concern.

While the closure didn't come to fruition, it was yet another reminder of the vulnerabilities that exist within the global supply chain, and the severe disruption that can result from just one incident.

It's a situation we've seen play out in the past.

In 2021, the container ship Ever Given blocked the Suez Canal for six days, holding up billions of dollars' worth of goods and causing global shipping congestion, delays and container........

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