Ship Rates Spiking 467% Marks Upended Trade Across Commodities

Rates to ship commodities from energy to bulk ores across the world’s oceans are heading for a rare year-end surge as conflicts, sanctions, and swelling output upend global supply lines.

Daily earnings to transport crude on key routes have seen the biggest jump this year, up 467%, while rates to ship liquefied natural gas and commodities such as iron ore have increased more than fourfold and twofold, respectively. Freight costs typically dip at year-end due to seasonal weakness in demand.