Strait of Hormuz crisis hits maritime transport
According to British maritime publication Lloyd’s List, bunker fuel prices rose by around 70% following the closure of the Strait of Hormuz, with container shipping costs also increasing.
According to CCTV News, the British maritime publication Lloyd’s List reported that the closure of the Strait of Hormuz and tensions in the Middle East have increased global shipping costs.
In a report dated May 29, bunker fuel prices rose by around 70%, and container shipping companies began passing these costs on to customers.
Spot freight rates continue to rise, and experts warn that if the situation in the strait persists, the market shock could deepen further.
The report emphasized that rising fuel prices are the main driver of recent cost increases. According to global bunkering data, low-sulphur fuel reached 856 USD per ton, while high-sulphur fuel rose to 736.50 USD.
Consulting firm Drewry also noted that tensions in the Middle East are negatively affecting market sentiment, with rising bunker costs and surcharges creating price pressure across trade routes.
British News Agency
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