Freight Forwarding Prices Rise in The Middle East Following Hezbollah Attacks
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This article discusses what has caused the violence and the impact that it is having on the region's freight industry.
The fighting in Lebanon which started after Hezbollah militants kidnapped two Israeli soldiers and began firing rockets into Northern Israel, is producing serious consequences for the freight forwarding industry in the Middle East.
This article discusses what has caused the violence and the impact that it is having on the region’s freight industry.
Hezbollah first emerged in Lebanon in the 1980s. It is a terrorist organisation committed to the destruction and annihilation of the State of Israel. Funded by Iran which has also expressed the desire to “wipe Israel off the face of the earth”, Hezbollah actions have recently provoked bitter fighting in Lebanon.
On July 12th this year, Hezbollah militants kidnapped two Israeli soldiers and started firing rockets at towns in Northern Israel. This prompted Israel to target Hezbollah positions in Lebanon to try and rescue its soldiers and prevent further attacks on its civilians.
Fighting has gradually escalated on both sides causing significant civilian and economic problems in the region. Amongst these are the difficulties that have been created for the freight forwarding industry. The British Chamber of Shipping recently declared the coast of Lebanon and Israel a war zone which has affected the cost and passage of freight in the region. The declaration means that UK freight shipping companies delivering cargo to the area will receive some kind of war bonus. The size of this bonus will depend on the contracts involved.
According to recent reports by Arab News, Middle East freight forwarding companies have increased their shipping rates to Lebanon by as much as between 33% and 63%. The price of forwarding a twenty foot container is now between $550 and $900 whilst a forty foot container will cost around $1000 to transport.
It is hoped that a ceasefire agreement will come into effect shortly. If this happens and if Hezbollah militants are kept in line by the Lebanese army, the freight forwarding industry in the Middle East may gradually return to normal.
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