Commenting of the container logistics implication of the conflict, co-founder and CEO of Container xChange, Christain Roeloffs, said: "We expect this awful war to add to the stretched nature of global container supply chains, bringing yet more inflation, disruption and delays.

"Overall, the situation for container availability is likely to worsen, but this will vary by port and region. Central and Northern Europe is already congested, and any further trigger to the cargo flow will only worsen the state of container pileups."

Expressing his horror at the war, Mr Roeloffs said Russia's invasion in Ukraine was a "tragedy for Europe" and has shocked Container xChange.

He explained that due to ongoing disruption to shipping in the Black Sea "we expect container build-ups at ports to exacerbate at storage areas across the region."

Mr Roeloffs added: "Parts of the Black Sea and Sea of Azov are now dangerous or unpassable. There have been missile attacks on vessels and ship arrests and lane closures for commercial shipping. The Ukrainian seaports of Odessa and Mariupol are closed/damaged/under attack. Trade and container movements have ceased. Cargo and equipment are stuck at ports."

Furthermore, he said that many shipping liners are expected to follow Maersk's move to pull out booking shipments to and from any Russian ports, except for foodstuffs, medical and humanitarian supplies.

"Russian and Belarussian ports in the Baltic and Black Sea will likely see a build-up of boxes if carriers refuse to make port calls due to the security situation and sanctions.

"The full implications of sanctions are not yet clear but the closure of the SWIFT system to Russia will make payments from Russian partners more difficult. The rouble has also been in freefall after Russia's central bank was cut off from its reserves."

Mr Roeloffs expressed his deepest sympathy for all the Ukrainian families who through no fault of their own have been dragged into this conflict. "We can only hope that peace returns to this great country soon."