Shipping disruptions in the Strait of Hormuz have caused global shipping costs to skyrocket, with current freight rates increasing by 11 to 12 times

Odaily News: The Middle East conflict has led to shipping disruptions in the Strait of Hormuz, causing global shipping costs to soar sharply. War risk insurance premiums for vessels have risen rapidly. Additionally, shipping companies must also consider freight rates. Industry insiders indicate that current freight rates have increased by 11 to 12 times. The layered transmission of insurance and rerouting costs is continuously impacting global trade and supply chain security. (CCTV Finance)