10% rise in costs expected as shipping firms halt Middle East bookings, add risk charges

The conflict in Iran could raise cargo transport costs from Asia to Europe by at least 10 per cent, according to Hong Kong sector representatives, as major shipping companies suspended bookings to and from the Middle East or imposed significant war-risk surcharges. Lawmaker Tommy Chung Ki-fung, who represents the import and export constituency, explained on Wednesday that rising fuel prices and longer voyages, among other factors, would lead to higher shipping costs. “I’d be more conservative in...


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