Freight forwarders in Singapore see profits fall 20% as Middle East conflict drives up costs
Taiwan
Rerouted shipments and higher fuel prices are squeezing margins, with some companies introducing new fees to stay afloat. SINGAPORE: Freight forwarders in Singapore say their profits have fallen by about 20 per cent as the ongoing conflict in the Middle East pushes up fuel and freight costs . In some cases, costs have doubled, while shipments are taking longer to reach their destinations as companies reroute cargo to avoid high-risk areas in the region. Some industry players are also adjusting
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