An unprecedented energy crisis, an extremely dangerous and highly volatile situation for the global economy, is the assessment of European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas.
“We have no time to waste. Of course, we need policies for the medium and long term, but we also need specific measures to address the situation immediately. If the situation worsens now, I will call for an emergency meeting of ministers to discuss the most urgent measures.”
Apostolos Tzitzikostas – European Commissioner for Sustainable Transport and Tourism
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Regarding long-term measures, the European Commissioner emphasized the need to shift toward sustainable mobility.
“The work ahead of us includes reducing our dependence on energy, collaborating with alternative and reliable partners, and promoting innovation and efficiency in transportation.”
Apostolos Tzitzikostas – European Commissioner for Sustainable Transport and Tourism
Freight Rates
Amid this entire inflationary domino effect, container shipping rates on key maritime routes are also rising due to the situation in the Strait of Hormuz.
The cost of transporting crude oil on the main Middle East–China route using the largest tankers exceeded $1 million per day for the first time, while on the West Africa–China route, earnings stood at $530,000, and on the U.S.–China route at $400,000.
The strong market is not limited to crude oil tankers. Freight rates for large liquefied natural gas (LNG) carriers rose to $189,711 per day, up 17% in one week.
In container shipping, rates on Pacific routes reached their highest level since the pandemic. The dry bulk market also remains strong, with average daily rates standing at $24,233, about 67% higher than the average over the past decade.
These costs are expected to be passed on to the supply chain very soon.
Watch the report by Kleio Vourkou:
