The cost of transporting oil via very large crude carriers (VLCCs) has hit all-time record highs this week. This sharp increase is directly attributed to the most significant wave of attacks on commercial shipping since the US-Iran conflict commenced in late February.
For freight forwarders and operations managers involved in oil and gas logistics, this means substantially higher transportation costs for crude oil shipments. The elevated rates will likely translate into increased landed costs for oil, potentially affecting global energy prices and supply chain budgets. Forwarders should anticipate continued volatility and factor in higher war risk premiums for routes in the affected regions, which could further impact overall shipping expenses and route planning.
