Global shipping is getting stuck between conflicts and climate crises
The skyrocketing freight price, up 140% since February, reflects the build-up of blockages in traffic, from the Strait of Hormuz to the Panama Canal.
The closure of the Strait of Hormuz is significantly impacting maritime transport, which has already been affected by geopolitical and weather-related shocks. The blockade has been compounded by Houthi threats to transit in the Red Sea, affecting passage through the Suez Canal. The Panama Canal is now restricting ship transit due to drought, which is linked to the El Niño phenomenon in Central America. The shipping sector has seen a 140% increase in freight rates since February and rising fuel costs.
Written by urgent.news from El Pais Economia's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
