10% rise in costs expected as shipping firms halt Middle East bookings, add risk charges

The conflict in Iran could raise cargo transport costs from Asia to Europe by at least 10 per cent, according to Hong Kong sector representatives, as major shipping companies suspended bookings to and from the Middle East or imposed significant war-risk surcharges. Lawmaker Tommy Chung Ki-fung, who represents the import and export constituency, explained on Wednesday that rising fuel prices and longer voyages, among other factors, would lead to the higher shipping costs. “I’d be more...

By Ambrose Li

Iran war disrupts global ocean freight and air cargo supply chains beyond oil

Cargo ships are stuck in the Gulf or making a much longer detour around the southern tip of Africa