Global Rate Pressure Rising Due to Disruptions in the Middle East

Ocean freight rates continue to increase worldwide as tensions surrounding the Iran crisis persist. The blockade in the Strait of Hormuz is not only causing direct disruptions in the Middle East but is also putting pressure on shipping routes and ports in other regions. For SME importers and exporters, the impact is becoming increasingly visible.

Global rate indicators show a clear upward trend. The Shanghai Containerized Freight Index (SCFI) recorded a 14.9% increase last week, surpassing 1,700 points for the first time in eight months. This aligns with the sharp decline in shipping traffic through the Strait of Hormuz, which is currently down by approximately 92%. Carriers are responding with higher fuel surcharges and a general increase in freight rates. According to them, this is driven not only by rising oil prices but also by uncertainty in fuel availability.

Although many feared rapid global congestion, the damage remains limited for now. Ports in the Gulf region and India are experiencing rising congestion, but major Asian hubs present a mixed picture. In Singapore, congestion has slightly eased, while Tanjung Pelepas is seeing a modest increase. Analysts stress that this is not a structural relief: reroutings and adjusted sailing schedules by carriers are expected to lead to new peaks in the coming weeks.

For SME shippers, it is crucial to closely monitor developments and anticipate potential delays or rate adjustments in a timely manner.