Hormuz Strait Shipping Halt Raises Costs

Maritime traffic through the Strait of Hormuz has decreased to its lowest level since August due to military escalation and ships avoiding the passage, with only 8 ships passing on Tuesday compared to an average of 12 over the past ten days. Meanwhile, the Strait of Bab el-Mandeb experienced above-average transit levels. This coincided with a significant rise in oil transport costs, where chartering a supertanker now costs around $500,000 per day, the highest since June, adding pressure to the global energy market. The situation reflects escalating tensions in the region and their impact on shipping activity and maritime freight rates.

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