Supply chain risks and rising shipping costs
In recent weeks, there has been a sharp increase in the costs of shipping goods through major global maritime bottlenecks due to war and climate change. This has heightened the risk of rising costs for consumers and weakened global supply chains. Shipping routes such as the Panama Canal, the Rhine River, the Red Sea, and the Black Sea have been affected, with passage prices reaching record levels in early August. The cost of crossing the Panama Canal has risen to between $1.2 million and $2.5 million, while shipping prices for oil from the Gulf to Asia hit $15.22 per barrel on August 10, the highest since price assessments began in 2005. Additionally, droughts and low water levels in the Rhine River have caused shipping costs in Europe to increase since 2012. The cost of shipping containers from China to the U.S. East Coast has also surged by 234% annually, reflecting the combined impacts of war and climate change on global maritime transportation.
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