PUBLISHER: Freight News (www.freightnews.co.za)
As markets across the globe retreat into safe-haven assets like gold because of escalating warfare in the Middle East, rate volatility continues to reverberate through freight industry futures.
The sharpest spike in futures is linked to Iran’s threat to choke oil shipped through the Strait of Hormuz, which is responsible for carrying about 20 to 21 million barrels of crude, condensate and refined fuels every day.