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This Is Indeed Unprecedented!
In a mind-boggling development, the VLCC/crude oil tanker benchmark (Middle East to the Far East) has risen 10X in the last year and has now surpassed $1 million a day.
Rising reinsurance costs are a major factor, as persistent attacks on tankers have driven insurance costs sky-high.
Furthermore, if the situation persists, expect inflationary pressures to emerge in the broader goods basket and food prices.
There is no magic wand to lower prices overnight, and it would take months for supply chains to heal.