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Shipping disruptions in the Strait of Hormuz have caused global shipping costs to skyrocket, with freight rates now increasing 11 to 12 times.
Jin10 Data
4h ago

Author：Currency Explorer

According to Jinshi Data on April 3rd, the Middle East conflict has disrupted shipping in the Strait of Hormuz, causing a sharp rise in global shipping costs and a rapid increase in war risk insurance premiums for ships. Furthermore, shipping companies also need to consider freight rates, which industry insiders say have already increased 11 to 12 times. The cascading costs of insurance and detours are continuing to impact global trade and supply chain security.

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Shipping costs have skyrocketed 12-fold! Amid the Middle East wars, global trade is experiencing its "most expensive" shipping season in history.
With the Strait of Hormuz blocked, shipping costs have skyrocketed: war risk insurance rates for ships have surged from 0.2%-0.3% to 1%-3%, reaching 3%-7.5% on some high-risk routes; freight rates have soared 11-12 times, and cargo insurance premiums have risen from 0.03% to nearly 1%. Fuel and detour costs are further compounded, driving up global supply chain costs across the board.
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