Shipping prices have skyrocketed by 467% due to disruptions in supply routes for bulk commodities.

Due to conflicts, sanctions, and a surge in production disrupting global supply chains, freight rates for bulk commodities such as energy and bulk minerals are soaring towards rare year-end highs. This year, daily revenues for transporting crude oil on major shipping routes saw the largest increase, at 467%, while freight rates for LNG and iron ore, among other bulk commodities, increased by more than three times and more than one time, respectively. In the past, freight rates typically decreased at the end of the year, as this period is considered the off-peak season. However, with ships spending more time transporting goods at sea, prices are skyrocketing, leading some shipping industry executives to predict that the tight market situation will persist at least until early next year.