Wars And Climate Change Have Sharply Increased Global Shipping Costs — FT
Wars and climate change have led to a sharp rise in the cost of maritime shipping on key global routes. This is reported by Financial Times , UATV English reports. According to the international pricing agency Argus, a combination of armed conflicts and low water levels caused by prolonged droughts in Europe and Latin America has driven a sharp rise in shipping rates on key routes, including…
Wars and climate change have caused a significant increase in global shipping costs, according to the Financial Times. International pricing agency Argus attributes this rise to armed conflicts and droughts in Europe and Latin America. On August 10, oil prices from the Persian Gulf to Asia reached $15.22 per barrel due to the risk of attacks on tankers passing through the Bab-el-Mandeb Strait, the highest since 2005.
Black Sea freight rates for tankers to the Mediterranean also hit a 2005 high. In the Panama Canal, passage costs surged to record levels of $1.1 million and $2.5 million due to low water levels and high demand. Europe's drought led to dangerously low water levels in the Rhine, crucial for German industry, causing barge transport costs to reach a 2012 peak.
Container shipping costs from the Far East to the US East Coast rose 234% to $10,249 per 12-meter container. US forces have redirected 53 vessels, disabled two, boarded two more, and allowed 30 humanitarian aid vessels through the Strait of Hormuz since the Iranian port blockade resumed.
Written by urgent.news from UATV English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
