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The Surge in Maritime Transport Prices Raises New Issues in Maritime Law

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In recent months the world has faced a wave of price increases. The main reason is the sequence of events triggered by the pandemic, which due to closures and restrictions caused global trade to decline sharply. Fears of an economic crisis led shipping companies to lay off workers and reduce activity. When governments decided to inject money into their economies and provide financial assistance to citizens and businesses, trade suddenly began experiencing high demand for raw materials and products. Global supply has struggled to meet this demand, resulting in significant price jumps.

World Economies are Facing an Unexpected Crisis

Lately, the sight of traffic jams across the world’s ports has grown common, and many businesses are experiencing significant delays in receiving goods by sea, with no less than 60% of the global volume of goods coming from this trade sector.

The delay in shipping has led to the closure of small businesses and halted growth for many countries. Germany’s economy, for example, grew by 1.8% in the third quarter compared to forecasts of 2.2%. Inflation has also risen steadily. Owners of supermarket chains in Israel have warned of imminent price increases, with Eyal Ravid, CEO of........

© The Times of Israel (Blogs)

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