Brief summary as escalating tensions in the Middle East create significant challenges for businesses
Shipping lines are adjusting their services accordingly to this unprecedented situation, announcing:
Suspension of bookings to parts of the Middle East
Changing of vessel rotation, rerouting vessels away from high-risk areas
Introductions of war-risk or emergency conflict surcharges
Introductions of Emergency Bunker Surcharges reflecting the recent hike in oil prices
Direct effects for shipments to/from Cyprus
Conflict seems to affect routing from North West Europe to Eastern Mediterranean ports, currently experiencing delays, changes and voyages cancelation of vessels calling Limassol port.
Connection between Greek ports (Piraeus, Lavrio and Thessaloniki) and Limassol port currently remains relatively stable.
All shipping lines have introduced Emergency Fuel Surcharge (EFS) with immediate effect, adjusted to the current level of oil prices worldwide.
Inland transport rates also increased due to recent surge in fuel prices.
We are closely monitoring the rapidly evolving security situation and its implications, and our team remains at your disposal for any guidance needed in navigating this complex environment.
