Shipping through the Strait of Hormuz is obstructed, causing global shipping costs to soar sharply, with freight rates having increased by 11-12 times

The conflict in the Middle East has led to disruptions in shipping through the Strait of Hormuz, causing global shipping costs to soar dramatically, and the war risk insurance premiums for vessels have risen rapidly.

In addition, shipping companies also need to consider freight rates. Industry insiders indicate that freight rates have already increased by 11 to 12 times. The costs of insurance and detours are being passed on, continuously impacting global trade and supply chain security.