Conflicts and climate change have caused a sharp increase in the cost of maritime and river transport across key routes, including the Panama Canal, the Rhine River, and the Red and Black Seas.
Sea-news.az reports that this information was released by the Financial Times (FT) newspaper, citing analysts.
According to Argus, the impact of conflicts—particularly the effective paralysis of shipping in the Strait of Hormuz—as well as prolonged droughts in Europe and Latin America, has driven freight rates on major routes to record highs. These include the Panama Canal, the Rhine River, and the Red and Black Seas. On the latter two routes, tanker freight rates heading toward the Mediterranean reached a 20-year high this week.
Freight rates for transporting oil from the Persian Gulf to Asia reached $15.22 per barrel last week. This is the highest figure since 2005, when Argus began tracking tariffs. Meanwhile, average spot freight rates for container shipments from Asian countries to ports on the U.S. East Coast surged by 234% compared to last year, exceeding $10,200 for a standard 40-foot container (such containers measure 12.19 meters in length, 2.44 meters in width, and 2.59 meters in height).
The consequences of the El Niño weather phenomenon—characterized by water temperatures in the equatorial Pacific rising above normal levels—have led to falling water levels in the Panama Canal. FT writes that alongside this, due to a sharp surge in demand caused by the crisis in the Strait of Hormuz, the average price of daily auction slots for passage through the canal reached a record high in August, ranging between $1.1 million and $2.5 million.
