STRAIT OF HORMUZ — Maersk reported that its fuel bill had nearly doubled since the closure of the strait of Hormuz, adding as much as $500 million per month in costs, Chief Executive Officer Vincent Clerc said on the company's first-quarter earnings call. The shipping group reported a 2% drop in revenue to $13 billion in the first quarter while maintaining its profit guidance for the year.

The strait of Hormuz, a key shipping channel through which a fifth of the world's oil and gas normally passes, has been effectively shut since late February. The closure triggered an increase in energy prices. More than 800 ships and roughly 20,000 crew members remain stranded west of the strait.

Clerc said the increased fuel costs had been passed on to customers through higher freight rates. He played down the prospect of disruption once the waterway reopens.

"The reopening of the strait of Hormuz, whether it happens in the days to come or the months to come, will have limited impact on cargo flows," he said.

Demand for Maersk's shipping containers remained strong in the first quarter, and the company expects container demand to grow by 2% to 4% this year. Maersk transports goods around the world via sea, road, rail and air.

The US-flagged ship Alliance Fairfax, operated by Maersk subsidiary Farrell Lines, exited the strait of Hormuz without incident accompanied by the US military. Maersk's shares, listed in Copenhagen, fell by 7% on Thursday.