The standoff in the Strait of Hormuz is pushing a number of small and medium-sized South Korean shipping companies to the brink of collapse.

According to the latest data from the Korea Shipowners’ Association, of the 26 South Korean-owned vessels currently stranded in the strait, 10 belong to eight small shipping companies with annual revenues of less than 100 billion won (approximately $67.7 million). These “small shipowners,” lacking the financial cushion of large conglomerates, are forced to shoulder a combined daily loss of 580 million won (approximately $390,000)—including costs from service suspensions, sky-high fuel prices, soaring war risk insurance premiums, and crew hazard pay.

International marine fuel prices have skyrocketed from $513 per ton before the war to $937, a surge of over 82%. An industry insider remarked with a wry smile, “The ships are sitting idle, but we still have to keep the main engines running to maintain basic operations—it’s like pouring gold into the sea.”

Large shipping companies can pass on costs to customers by imposing “war risk surcharges,” but smaller firms lack this bargaining power. “The moment we mention a surcharge, customers immediately cancel their orders, so we have no choice but to absorb the costs ourselves,” admitted a small-to-medium-sized shipowner.

Ultimately, large ships can change course, while small ones can only rise and fall with the waves. The weakest link in the global supply chain is often not technology, but the small and medium-sized enterprises that quietly support its capillaries.

If the conflict persists until the end of May, the cumulative losses for these 17 South Korean shipping companies alone will exceed 200 billion won (approximately $136 million). To the average person, this is an astronomical figure; to small shipowners, it could be the straw that breaks the camel’s back. For now, all they can do is grit their teeth and endure every passing minute—and every minute burns through their funds.