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Global shipping industry caught in storm of war
Iran's closure of the Strait of Hormuz has blocked thousands of ships and caused freight surcharges, with 20 commercial vessels attacked since late February, sources said.
- The effective closure of the strategic Strait of Hormuz has upended global transport, with 20 commercial ships attacked or signaling incidents since February 28, blocking around 20 percent of global oil and liquefied natural gas.
- Avoiding the Red Sea and Suez Canal, ships divert to longer routes due to fears of attacks by Yemen's Iran-backed Houthi, increasing fuel costs.
- Shipping costs from Asia to Europe jumped from $2,500 to $4K, with HMM charging $230 and CMA CGM adding $155 surcharges, as delays rise.
- CMA CGM is unloading cargo at Khor Fakkan to bypass the Gulf, with Rodolphe Saade, CEO, noting goods for Saudi Arabia are stuck in India.
- Fears of a global supply chain collapse as Maersk CEO Vincent Clerc warns that port terminals face "mountains of containers" causing huge delays, while importers like Emmanuel Benichou fear more surcharges if the war drags on.
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World trade: Global shipping industry caught in storm of war
·Luxembourg City, Luxembourg
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Total News Sources24
Leaning Left3Leaning Right4Center6Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 23%
C 46%
R 31%
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