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Lothair Lam: Oil Price Shock Lifts Overall Shipping Costs by 20-30%; Freight Rate Hikes Likely to Be Passed to Consumers
2026-03-12 09:06:35 Lothair Lam, Hong Kong's Legislative Council member representing the Transport Functional Constituency, said in a radio program that the ongoing tensions in the Middle East have driven up international oil prices, imposing enormous operational pressure on the industry. Not only have fuel costs surged, but the blockade of the Strait of Hormuz has forced ships to take detours, resulting in extended voyage times and soaring insurance premiums, Lam added. He estimated that the substantial increase of about 20-30% in overall costs will be passed on to suppliers and affect prices. As the fuel cost for a single voyage has also risen by USD200,000-300,000, he predicted the increase in freight rates to be passed on to consumers. ~ AAStocks Financial News Web Site: www.aastocks.com | |