Oil freight costs have risen eight- to tenfold since the US-Iran war began, and a South Korean ship completes an Arctic round trip to Europe

Since the US-Iran war began, the cost of shipping oil has risen eight to ten times, the cost of shipping finished goods by about 73% and the cost of shipping bulk commodities by about 49%, India's Mint reported. Shipowners are earning higher margins and ordering new ships, while taking on more risk. Importers pay the extra freight, and it reaches consumers through higher prices for fuel and goods.

Shippers are also testing other routes. The South Korean container ship PanStar Acro completed South Korea's first commercial round trip to Europe through the Arctic on October 11, Russian business daily Kommersant reported, citing Reuters. It left Busan on August 22 and returned 50 days later. The Busan-Rotterdam passage by the northern route covers about 13,000 kilometers, compared with 20,000 kilometers through the Indian Ocean and the Suez Canal, and can save about 10 days. The voyage, which called at ports in Britain, the Netherlands and Poland, was a government-backed trial to measure costs, cargo demand and geopolitical risk.

The route runs along Russia's Arctic coast, and Moscow administers navigation on it. Reuters described the trial as going ahead despite Western concerns. South Korea joined Western sanctions on Russia, but higher costs in the Gulf and the Red Sea have made a Russian-administered passage worth testing for a major Asian exporter.