Foreign media: Global bulk commodity shipping costs soar

Due to factors such as conflicts, sanctions, and a surge in production disrupting the global supply chain, global shipping costs for bulk commodities are moving towards a rare year-end increase. Bloomberg reported on the 4th that this year's surge in shipping costs has overturned the trade patterns of bulk commodities. According to Bloomberg, the daily cost of global crude oil shipping routes has increased by up to 467% this year, while the transportation rates of bulk commodities such as liquefied natural gas and iron ore have increased by more than four times and two times, respectively. Usually, shipping costs would decrease towards the year-end due to seasonal soft demand. However, now with longer shipping times at sea, this has helped drive up shipping costs. Many shipping executives expect the overall tight market supply situation to last at least until early next year.