The global shipping detour around Hormuz - 3x longer, 4x costlier

Costs Soar 4x : Shipping costs have increased drastically by up to 400% . This increase was triggered by:- War Insurance Premiums : Insurance companies are raising rates drastically for ships operating in high-risk areas.- Fuel Consumption : Longer distances require more fuel ( bunker fuel ).- Charter Costs : The scarcity of vessels available for long routes has pushed daily charter rates to record highs.Become a supporter of this podcast: https://www.spreaker.com/podcast/today-explained--6659607/support.Don’t miss our latest episodes! follow us to stay updates with fresh news everyday. Let’s keep the support our podcast to serve update news entire the world!