ITP projects global trade volume for these products, heavily sourced from the Middle East, down by 13%-22%. The drop in volume, plus shifts in regional trade flows and high prices for transportation fuel have had a major impact on shipping rates.

The head of the International Energy Agency has described the shipping crisis in the Strait of Hormuz as “the largest supply disruption in the history of the global oil market”. The impact, however, extends to many non-oil commodities, including methanol, glycol and anhydrous ammonia (World Economic Forum). As a result, freight rates for many products have surged to near-Covid levels.

Based on all publishing countries as available, ITP projects these global trade volumes through September 2026:

From International Trader Publications’ World Trade Analyses, continuously updated analyses of global trade based on statistics from all available countries.