German shipping company Hapag-Lloyd, one of the largest container shipping companies in the world, says that the Islamic Republic’s blockade of the Strait of Hormuz cost the company $600 million this spring.

The company also said that in the first three quarters of the Middle East war, its net profit fell to $83 million, while in the same period last year the figure was $306 million.

Hapag-Lloyd added that growth in Asia’s exports and improved demand in the United States have, to some extent, offset the losses caused by disruptions in the Middle East.

The company said its operating profit has also declined due to additional costs for ship fuel, insurance, warehousing, rerouting of ships, and ground transportation after the Strait of Hormuz was closed.