Shipping in the Strait of Hormuz is disrupted, causing global shipping costs to surge sharply; freight rates have now increased 11 to 12 times.

Golden Ten Data reported on April 3 that the Middle East conflict has caused disruptions in shipping through the Strait of Hormuz, leading to a sharp surge in global shipping costs, with war risk insurance premiums for vessels rising rapidly. In addition, shipping companies also need to consider freight charges, and industry insiders indicate that freight rates have now increased by 11 to 12 times. The layered impact of insurance and rerouting costs is continuously affecting global trade and supply chain security.