Hormuz crisis side effect: a sharp rise in container shipping rates
The ongoing crisis in the Strait of Hormuz has led to a significant increase in container shipping rates. The Shanghai Containerized Freight Index has doubled since the onset of the conflict, reaching its highest level since September 2024. Major shipping companies are passing on the increased fuel costs to importers, resulting in higher freight charges globally.
- ▪The Shanghai Containerized Freight Index rose to 2,572 points, up 16% from the previous week.
- ▪Container shipping rates from Shanghai to Los Angeles have increased by 59%, while rates to New York are up 66%.
- ▪Maersk is incurring an additional $500 million per month in fuel costs due to the crisis in Hormuz.
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