Large-scale conflicts in Iran have caused panic in the global shipping market, with freight rates surging. Some sea shipping routes have seen rates skyrocket by 250% 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 plant mines in the Strait of Hormuz. The shipping market's panic has been ignited. The Baltic Dirty Tanker Index shows that international average freight rates have risen by 12% in the past week, with some high-risk routes such as the Persian Gulf to Europe and Asia to Europe via the Red Sea seeing freight rate increases of up to 2.5 times. The daily rent for very large crude carriers has surged from around $20,000 a week ago to $55,000. The escalating situation has forced shipping giants to react quickly. Maersk announced on the 20th local time that it would suspend its ships from docking at the port of Haifa in Israel. Following a general increase in global shipping rates in June, Maersk, CMA CGM, and Hapag-Lloyd have issued letters announcing rate hikes for July, with freight rates expected to continue to climb.