Tokyo, April 24 (Jiji Press)–Ocean freight transportation fees in Japan rose to an all-time high in March, reflecting ongoing tensions in the Middle East, the Bank of Japan’s services producer price data showed Friday. The index on ocean freight transportation fees in the latest reporting month climbed 42.1 pct from a year earlier to 221.9 against the 2020 base of 100, the highest since records began in 1985. The surge came as supplies of vessels, such as tankers, were constrained by the de facto blockade of the Strait of Hormuz, a global energy transport chokepoint. The overall services producer price index, which measures the costs of services traded between companies, rose 3.1 pct to 113.5 in March, logging the steepest growth since last September. Soaring fuel costs also contributed to the jump in ocean freight transportation fares. A BOJ official said that the closure of the Strait of Hormuz has led shipping companies to charge customers higher fees for their services. END [Copyright The Jiji Press, Ltd.]
Ocean Cargo Shipping Fees Hit Record High: BOJ Data
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