{"id":456770,"date":"2026-06-02T08:36:41","date_gmt":"2026-06-02T08:36:41","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/456770\/"},"modified":"2026-06-02T08:36:41","modified_gmt":"2026-06-02T08:36:41","slug":"businesses-face-huge-spike-in-shipping-costs-as-hormuz-fuel-crisis-deepens","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/456770\/","title":{"rendered":"Businesses face huge spike in shipping costs as Hormuz fuel crisis deepens"},"content":{"rendered":"<p>Businesses around the world are confronting a painful \u2013 and potentially long-lasting \u2013 rise in costs amid the US-Israel war on Iran, as global shipping firms introduce steep price increases to offset <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3355162\/chinese-premier-tours-oil-grain-stockpiles-beijing-boosts-iran-war-response?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">a mounting fuel crisis<\/a>.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">In Shanghai, one of the world\u2019s busiest ports, the price of shipping a container has already surged dramatically since the start of the war, according to the Shanghai Containerised Freight Index \u2013 a gauge tracking spot rates across 13 global trade lanes out of the city.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The index has nearly doubled from 1,333.11 points at the end of February to 2,571.73 on Friday, meaning that prices have increased from about 1.3 times the benchmark level set in 2009 to more than 2.5 times that level.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">A similar trend is visible in another major benchmark: maritime consultancy Drewry\u2019s World Container Index, which monitors freight rates across East-West sailing routes.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Spot rates have been climbing for four consecutive weeks and now stand at US$2,800 per 40-foot container, up from US$1,899 in late February, according to Drewry data released on Thursday.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Prices are expected to rise further in the coming weeks, according to Drewry, as the early peak season for global shipping approaches and the fuel crisis continues with no end in sight.<\/p>\n","protected":false},"excerpt":{"rendered":"Businesses around the world are confronting a painful \u2013 and potentially long-lasting \u2013 rise in costs amid the&hellip;\n","protected":false},"author":2,"featured_media":456771,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[81670,18519,138,59304,232191,114577,219,54675,111,139,69,3747,232193,232192,93496,172835,232190,232194],"class_list":["post-456770","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-adnoc","tag-brent-crude","tag-business","tag-cnn","tag-dan-bunkering","tag-drewry","tag-economy","tag-maersk","tag-new-zealand","tag-newzealand","tag-nz","tag-shanghai","tag-shanghai-containerised-freight-index","tag-ship-bunker","tag-strait-of-hormuz","tag-us-israel-war-on-iran","tag-vlsfo","tag-world-container-index"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/456770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=456770"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/456770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/456771"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=456770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=456770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=456770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}