Is the Oil Crisis About to Break Global Supply Chains?
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Welcome to Profiteer Markets. I'm Ed Elson. It is March 25th. Let's check in on yesterday's market vitals. The S&P and the Dow declined marginally as investors looked for clarity on negotiations with Iran. Meanwhile, the Trump administration deployed more troops to the Middle East and oil resumed its climb. And finally, the Nasdaq dropped as software stocks took yet another dive. More on that later. OK, what else is happening? The Strait of Hormuz, which carries a fifth of global energy exports, has now been effectively closed for 25 days, and the ripple effects are being felt across the globe. Fertilizer prices are up 25% since the war began. Gas is up 30%. Diesel is up 40%. Meanwhile, shipping disruptions
are raising global freight costs and extending delivery times. War risk insurance premiums for vessels have increased by about 50% and oil tanker shipping costs have exploded by as much as 200%. So here to break down what all of this means for global supply chains, we're joined by Ryan Peterson, CEO of Flexport, one of the world's leading freight and logistics platforms. Ryan, I always love having you on whenever something is happening with supply chains because You're one of the few people who is actually in this business and you're seeing what is happening on the ground. I have been reading about what is happening to prices, specifically diesel prices. I've been seeing what's happening to diesel prices and fuel.
And I've been seeing that this is just exploding prices for all forms of freight, basically anything that ships anything. I'd just be interested to hear what you're seeing on the ground right now.
Yeah, great. Thanks for having me on. Especially we're seeing an air freight market, which obviously is very jet fuel driven, but also the Middle Eastern air carriers, I think Emirates and Qatar and Etihad, and I guess Saudi, which is the Saudi one, they represent 18% of all air cargo capacity in the world. Emirates is the world's biggest airline, I think, and Dubai is the biggest air cargo airport in the world. So it's just a huge, and those have basically been taken offline. They started to eke their way back up. I didn't see the latest today, but they were trying to bring flights back and then new attacks at the airport. They've more or less ramped that way, way down.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–12:27
2
How could rising oil prices disrupt global supply chains?
12:27–13:38
3
What impact does the closure of the Strait of Hormuz have on shipping costs?
13:38–17:36
4
How is the air freight market affected by current geopolitical tensions?
17:36–35:43
Speakers
4 identifiedMore from Prof G Markets
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