Shipping companies charge up to $3,500 for war risks
Shipping companies raise war risk charges as Strait of Hormuz tensions grow
On Friday, shipping companies announced new “War Risk Charges” following disruptions in the Strait of Hormuz.
Normal containers will now face $1,500 in charges, while special containers are charged $3,500. Faisalabad Chamber of Commerce and Industry President Farooq Yousaf Shaikh voiced strong concerns over the added costs.
He said that the situation is becoming worse day by day. Farooq Yousaf Shaikh said that Pakistan already witnessed a significant drop in exports.
He said that we need effective diplomacy as it is the responsibility of the government to keep the economy moving.
Pakistan LNG Supply Disrupted After Strait of Hormuz Closure
It is necessary to mention here that the Strait of Hormuz handles roughly 20 per cent of global seaborne oil, approximately 20–21 million barrels per day before the conflict began. It also handles a similar share of LNG exports, primarily from Qatar.
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