Shipping costs in region increased up to threefold
TEHRAN- Shipping costs are influenced by various factors, including wars and military tensions. With any level of military tension, shipping costs typically change, with increased risk being one of these factors.
In times of tension and war, the risk of maritime transport rises, which can lead to higher insurance and security costs.
The second reason cited by experts is changes in shipping routes. During crises, ships may be forced to take longer routes to avoid dangerous areas, which can increase fuel costs and travel time.
Another factor is sanctions and restrictions.
When sanctions or restrictions are imposed on countries, shipping costs may rise due to the need to comply with these limitations.
Additionally, in wartime or tense situations, demand for goods may shift, affecting prices and shipping costs.
Experts also note that the economic situation of countries around the Persian Gulf and the Sea of Oman can impact shipping costs.
If a country's economy is damaged by war, it could lead to reduced trade and consequently lower shipping costs.
In this context, Masoud Polmeh, Secretary General of the Association of Shipping and Related Industries, told IRNA in an interview, referring to the increase in maritime transport costs in the region since the start of the imposed war by the US-Israeli coalition against Iran, that since the Persian Gulf and the Sea of Oman have been declared a "war zone," a "war risk surcharge" has been added to bulk and container shipping.
He stated that shipping costs in the region, apart from increases in insurance and war risk premiums, have in some cases grown more than threefold.
This increase does not only affect countries within this area but generally impacts all activities carried out there, he added.
Polmeh noted that fuel costs account for about 30% of ships' operating and transport expenses, adding that recent developments in both shipping and energy sectors have led to a 100% increase in freight rates.
The Secretary General added that these figures will soon show their inflationary effects on global trade, and the pressures arising from various constraints on goods transiting the region will undoubtedly reveal their compounded impacts.
He also reminded that any movement by ships or vessels of any country in this region will be subject to the war risk surcharge.
In conclusion, he expressed hope that with the decisive victory the Islamic Republic of Iran will achieve in this imposed war, global trade, regional trade, and Iran’s economic interests can return to normal as soon as possible.
EF/MA
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