Economic impact of conflict: Asia shipping hubs anticipate disruption

Key shipping hubs in Asia are bracing for severe port congestion as the conflict in the Middle East intensifies. Vessels rerouting around Africa's Cape of Good Hope are overwhelming ports like Singapore, where waiting times for berths could reach seven days. The cost of hiring a supertanker to ship oil from the Middle East to China has surged to an all-time high of more than $400,000 a day, while marine insurers are cancelling coverage, forcing operators to seek policies at much higher premiums. The disruptions are expected to increase inflationary pressures worldwide and pose significant energy security risks for East Asian countries reliant on Middle Eastern crude. Al Jazeera's Patrick Fok reports from Singapore. Subscribe to our channel: bit.ly
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