ICC highlights risks to global trade and food security

Speaking in a live interview with France 24, Mr Denton pointed to the systemic importance of the Strait of Hormuz as a key global shipping corridor for both energy and industrial inputs.

He said: “It’s not just oil and gas. 50% of the world’s seaborne sulphur passes through the Strait of Hormuz, so does 13% of chemicals, including fertilizers, nearly 10% of aluminium.”

During the interview, Mr Denton stressed the limitations of alternative transport routes in maintaining global supply volumes, saying it would not be possible to achieve the necessary volumes unless sea routes were opened up.

“The principle upon which this trade route is built is freedom of navigation, and we want as many goods to get through there.”

Warning that global focus on geopolitical tensions risked overlooking underlying economic consequences, Mr Denton highlighted ICC’s work with the United Nations on developing mechanisms to safeguard critical flows of goods through strategic maritime corridors, including discussions on structured approaches to maintain continuity of trade.

“The lens of the world has been directed to the war, making it impossible to get focus on the substantive issue underpinning this, which is the potential collapse of food security.”

Mr Denton also pointed to recent ICC-commissioned economic analysis which found that heightened policy and geopolitical uncertainty is already weighing on business investment decisions and global economic activity at a cost of more than US$250 billion. “The current environment is putting a brake on their ability to invest and function,” he said.

Business and economic outlook

In The Sunday Times, Mr Denton highlighted the scale of global exposure to fertiliser markets, noting that their importance can be underestimated compared with more visible energy flows.

“What the world hasn’t fully understood, outside of those involved, is the percentage of global economic activity related to fertiliser,” he said, underscoring the central role of fertiliser supply chains in the global economy.

Global attention, he said, tends to focus on oil and gas while fertilisers play a critical but less visible role in underpinning food systems and broader economic stability.

Mr Denton also warned of the potential human consequences linked to disruptions in fertiliser supply chains, stressing that these effects may not yet be fully visible but could become increasingly significant over time.

He further underscored the scale of the challenge in ensuring continued fertiliser flows through key maritime routes, noting that any failure to maintain such supply lines could have severe consequences for global food systems.

ICC remains closely engaged with international institutions and business, providing business-led insights into emerging risks and the functioning of global trade systems.