Freight Rates Surge: Contracts Exceed $700,000 Daily

The crisis in the Persian Gulf has caused freight rates to soar to historic highs, with some contracts exceeding $700,000 per day. The increase affects both very large crude carriers (VLCC) and liquefied natural gas (LNG) carriers.

Average freight rates for the Middle East to Far East route have already exceeded $510,000 per day, while daily rates for LNG carriers are approaching $300,000, especially for routes avoiding dangerous zones. Additionally, freight rates for container ships from Asia to Northern Europe have increased by 12%, reaching $2,689 per 40-foot container.

At the same time, the tension in the region has led to an increase in war risk insurance premiums, with several insurers considering withdrawing coverage from areas near the Strait of Hormuz. Analysts warn that the prolonged crisis will keep freight rates high, affecting the cost of international transport.

Source: newmoney.gr