Lim Ming Feng Expects Freight Cost Increases to be Passed on to Consumers

SighingCashier · 2026-03-12T10:48:39+00:00

Lim Ming Feng pointed out that due to tensions in the Middle East and rising oil prices, the shipping industry's operating costs have increased by approximately 20 to 30 percent. These costs will be passed on to consumers, impacting prices. In particular, extended vessel routes and increased insurance premiums have resulted in fuel cost increases of 2.34 million per voyage.

SighingCashier

2026-03-12 10:48:39

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March 12, 2026

Lin Mingfeng expects transportation cost increases to be passed on to consumers

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Legislator for the Shipping and Transportation sector, Lin Mingfeng [photo], stated yesterday on the RTHK program “Millennium” that the tense situation in the Middle East has driven up international oil prices, bringing heavy operational pressure to the industry. He pointed out that fuel costs have surged significantly, and with the Strait of Hormuz being blocked, ships need to detour, extending voyage distances and causing insurance premiums to skyrocket. Overall costs have increased by about 20-30%, and he believes these costs will ultimately be passed on to suppliers, affecting prices.

Fuel costs per voyage increase by 2.34 million by voyage …

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