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Date: 23/04/2024

Global shipping freight, insurance, crew wages seen rising as Israel attacks Iran

Global shipping freight, insurance and crew wages will likely increase significantly in the near term after Israel launched a retaliatory missile attack on Iranian soil, but ongoing loadings are seen carrying on as usual, said market participants. Sources in refining companies across South Korea said that higher freight for importing cargoes from the Middle East is now a bigger concern as opposed to security issues. The Persian Gulf loadings will not be affected so quickly and will probably depend on the scale of Iran’s retaliation. Experts feel that the attack may see risk premia rising manifold while importers may buy more US and African crude. Moreover, tankers and crew may refuse to go via the Strait of Hormuz, as per a report.
 
source: Exim News Service: Singapore, April 22



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