Essential food commodities' prices bound to rise as global shipping costs increase

War risk premiums have risen as high as 1 percent of the value of a ship in the past 48 hours, from about 0.2 percent last week, which adds hundreds of thousands of dollars in costs for every shipment.

- HUZEFA ALIASGER

Global shipping costs have started to rise following the Israel-US conflict in Iran as the Strait of Hormuz being closed by the Iranian authorities for passing ships containing all sorts of trade to Asia.

Sri Lanka's import and export sector will also bear the brunt of rising shipping costs as insurance for ships increase and route changes incur more delays, an official from the Essential Food Commodities Importers and Traders Association said.