Hormuz crisis drives sharp increase in container shipping rates (lloydslist.com)

• SCFI global composite doubled since February, highest since September 2024.
• Bunker fuel costs up nearly 70%; carriers passing costs to shippers.
• Transpacific and Asia-Europe spot rates up 30-129% since pre-war levels.

"The effective closure of the Strait of Hormuz has caused spot container freight rates to surge, with the Shanghai Containerized Freight Index (SCFI) doubling since late February. Bunker fuel costs have risen almost 70%, and carriers are passing these costs to shippers. Analysts expect further increases if the crisis continues."