Mumbai - For decades, global shipping was built around efficiency. The shortest route was almost always the preferred one, and supply chains were designed to keep cargo moving at the lowest possible cost. The disruptions witnessed over the last two years have changed that equation. Events in the Red Sea and renewed tensions around the Strait of Hormuz have shown that the biggest risk in shipping today is not distance—it is uncertainty.

Around one-fifth of the world's oil trade passes through the Strait of Hormuz, while the Suez Canal and Red Sea corridor handle nearly . . .