Pressure for importers as cargo freight costs soar on Iran conflict

Importers are facing higher shipping costs due to tensions around the Strait of Hormuz, leading to increased freight charges, insurance premiums, and transit fees. Major shipping lines, including Maersk and CMA, have introduced emergency surcharges of $20 to $40 for 20-foot containers. Congestion at key hubs like the Port of Singapore is delaying deliveries and disrupting supply chains, with economic impacts expected to be felt in the coming months.