Ocean rates rise as Hormuz makes fuel top concern

Ocean shipping operations remain stable across the global market, with rising fuel costs and availability the main factors impacting other lanes, an analyst says.

“We are approaching six weeks since Iran closed the Strait of Hormuz, and only a few vessels per day are being allowed through,” said Freightos analyst Judah Levine, in a weekly note to clients. “Ships that are transiting are doing so via coordination with Iran and possibly payments ahead of time.”