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Date: 18/04/2024

Maritime industry seen facing tougher times due to Israel-Iran tensions

The global maritime industry is set for tougher and more challenging times due to the increasing tensions in the Middle East, causing supply chain disruption and increasing the probability of choking shipping routes, said experts at the ongoing Singapore Maritime Conference. There is a concern about the probability of a Persian Gulf shutdown though many maintain hope of defusing fierce tension in the region. The Persian Gulf is a Mediterranean Sea in West Asia. It is connected to the Gulf of Oman in the east by the Strait of Hormuz, one of the world’s most strategically important choke points.
 
The diversion of each ship is estimated to cost $30 million through the Cape of Good Hope from the Suez Canal, according to a speaker. Another participant said that shipping costs have already gone up by three to four times compared to the pre-Covid level. Supply chain disruption is certain though hope is being maintained that both Iran and Israel will not blow up the situation, as per a report.
 
source: Exim News Service: Singapore, April 17



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