COSCO move signals Hormuz reopening — but not on equal terms.Summary:COSCO resumes container bookings to Middle EastServices cover UAE, Saudi Arabia and Gulf regionMove signals tentative reopening of Hormuz routesShipping remains subject to security uncertaintyContainer flows seen as early risk barometerReports of selective passage and transit feesPotential two-tier shipping system emergingReopening uneven, not a return to normalChina’s COSCO Shipping Lines has resumed container bookings to key Middle East destinations, a move that is being closely watched by markets as a potential early signal of tentative reopening in the Strait of Hormuz — albeit under evolving and uneven conditions.In an advisory dated March 25, COSCO confirmed that standard container services from the Far East to Gulf markets including the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait and Iraq are now open. However, the company cautioned that the security environment remains fluid, with booking arrangements and actual shipping operations still subject to disruption.The decision marks a notable shift after COSCO suspended services earlier this month as conflict in the region intensified and effectively choked off maritime traffic through Hormuz, a critical artery for global trade and energy flows.While the resumption applies only to containerised cargo rather than oil shipments, its significance lies in what it signals about risk tolerance. Container shipping is highly sensitive to insurance costs, security guarantees and government signalling. COSCO’s return suggests that, at least for certain operators, the threshold for re-engagement may have been reached.However, the reopening appears far from uniform. Reports indicate that Iran has allowed “non-hostile” vessels to transit under coordination, with some ships allegedly facing substantial fees for safe passage. This raises the prospect of a fragmented shipping environment, where access to one of the world’s most important waterways may depend on political alignment and negotiation rather than open navigation.That dynamic could create a two-tier system, with Chinese-linked shipping potentially enjoying more predictable access compared to Western operators. For markets, this introduces a new layer of structural uncertainty around global trade flows and energy logistics.Importantly, the move comes amid conflicting geopolitical signals. While ceasefire discussions have intermittently surfaced, they remain unconfirmed and contested, with Iran denying direct negotiations.As a result, COSCO’s decision may represent less a return to normal and more the emergence of a new operating reality in Hormuz — one that is reopening gradually, but not evenly, and with significant geopolitical strings attached. This article was written by Eamonn Sheridan at investinglive.com.