Hormuz to Panama: War and Droughts Impact Shipping

The cost of shipping through major maritime routes, including the Strait of Hormuz, the Panama Canal, the Red Sea, and the Black Sea, increased last month due to escalating geopolitical tensions, the blockade related to the war with Iran, and climate change, which led to higher drought levels. This resulted in longer vessel transit times, higher toll fees, increased insurance costs, and an overall rise in transportation expenses unprecedented in years. These developments are impacting supply chain productivity and global commodity prices, especially in the oil and gas, automotive, electronics, and agricultural sectors. The ongoing tensions and risks have also caused a decline in the flow of oil and goods amid rising oil prices, reaching around $89 per barrel, prompting some companies to reroute shipments and find ways to cope with the rising costs caused by climatic conditions and geopolitical risks.

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