Ocean freight rates for vessels operating in the Mideast are soaring as risks rise around the Strait of Hormuz and Iran conflict.

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At its narrowest point, the Strait of Hormuz is 21 miles, and that is a primary reason why the GPS signal jamming is a critical issue for ships, Frangou said. "This is very important," Frangou said.

The Israel-Iran ceasefire held on Tuesday, but GPS jamming in the Strait of Hormuz remains a top security concern for vessels, according to a tanker CEO.

Ocean freight rates from Shanghai to the Port of Khor Fakkan on the United Arab Emirates' Indian Ocean coastline are up 76% compared to mid-May, reaching $3,341 per forty-foot equivalent unit.

At its narrowest point, the Strait of Hormuz is 21 miles, and that is a primary reason why the GPS signal jamming is a critical issue for ships, Frangou said. "This is very important," Frangou said.

Ocean freight rates from Shanghai to the Port of Khor Fakkan on the United Arab Emirates' Indian Ocean coastline are up 76% compared to mid-May, reaching $3,341 per forty-foot equivalent unit.

The Israel-Iran ceasefire held on Tuesday, but GPS jamming in the Strait of Hormuz remains a top security concern for vessels, according to a tanker CEO.