Large-scale conflicts involving Iran have caused panic in the global shipping market, leading to a significant increase in freight rates. Some shipping routes have seen a sudden 250% surge in freight rates in just one week.

This week, the escalating conflict between the US and Iran has caused severe turbulence in the global shipping market. The US is considering launching a military strike against Iran, and Iranian officials have responded by saying they may deploy mines in the Strait of Hormuz. The panic in the shipping market has been ignited. The Baltic Dirty Tanker Index shows that international average freight rates have increased by 12% in the past week, with some high-risk routes, such as the Persian Gulf to Europe route and the Asia to Europe route through the Red Sea, seeing freight rates increase by up to 2.5 times. The daily rent for Very Large Crude Carriers has skyrocketed from about $20,000 a week ago to $55,000. The escalating situation has forced shipping giants to quickly react. Maersk announced on the 20th that it would temporarily suspend its ships from docking at the port of Haifa in Israel. Following the global increase in shipping rates in June, Maersk, CMA CGM, and Hapag-Lloyd have issued price increase notices for July, with freight rates expected to continue to rise.