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Rise in shipping costs raises inflation concerns
The global maritime shipping industry is experiencing record-breaking increases in vessel chartering costs, reaching $1.1 million per day for routes from the Arabian Gulf to Asia, a 12-fold surge within just a few months due to escalating tensions in the Strait of Hormuz. Shipping costs from the Gulf of Mexico to Asia have increased by 400%, and the cost of journeys from West Africa to China has doubled by 500%. This has led to a rise in the price of a barrel of crude oil through the Strait of Hormuz to Asia, approaching $22—compared to just $2 a year ago—pushing up North Sea crude prices and prompting refineries to seek alternative supply sources. This spike is attributed to a lack of investments, reduced ship deliveries since the COVID-19 pandemic, restrictions on the global fleet, and the dominance of major companies like Sinokor and Farount Line in the market. Industry experts anticipate that prices will continue to rise despite increased orders for new vessels scheduled between 2028 and 2029, driven by growing global concerns over energy security.
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