The Strait of Hormuz has been hit by a series of ship attacks, causing a significant increase in oil transportation market freight rates

       Recently, there have been consecutive incidents of oil tankers and LPG liquefied petroleum gas ships being attacked in the waters of the Strait of Hormuz and the Gulf of Oman, resulting in damage to some ships' hulls and minor injuries to crew members, and increasing risks to navigation safety. The Strait of Hormuz carries about 30% of the world's crude oil and a large amount of liquefied petroleum gas exports by sea, and is a key passage in the international energy supply chain. Geopolitical conflicts and disturbances directly impact oil supply.

      After the incident, some ship owners temporarily adjusted their navigation routes and reduced the frequency of vessel navigation in the area for safety reasons, resulting in a passive reduction of available effective transport capacity in the market. At the same time, shipping insurance institutions have raised the additional premium for war risk in the shipping area, and some shipping companies have added alternative options for detours, resulting in additional fuel and time costs. Multiple factors have jointly pushed up the rental level of the Middle East crude oil route, leading to a significant increase in the time charter rate for crude oil from the Middle East to China.

      For domestic energy import and energy related foreign trade enterprises, in addition to rising freight rates and insurance costs, they also need to pay close attention to potential risks: temporary vessel diversion causing longer shipping schedules and uncertain arrival times of goods at ports; Some shipping companies have tightened regional shipping terms, making booking more difficult; Under the sustained tension in the local situation, insurance underwriting conditions may be further tightened. It is recommended that relevant enterprises prepare multi-source supply plans in advance, lock in long-term cooperative transportation capacity, continuously track the dynamics of waterway safety, evaluate transportation safety, insurance costs, and the chain effects caused by shipping delays.