Fuel prices have reached new heights in the first few days of the conflict, which is reflected in petrol prices at UK forecourts. We are already being notified from various hauliers of fuel surcharge increases on UK transport with immediate effect.
Increased fuel prices will likely impact ocean freight, air freight and road freight over the coming days and weeks, by means of potentially escalating fuel surcharges.
Moving freight in and out of Ukraine is clearly going to be extremely difficult. Ocean freight is effectively paused now due to the suspension of shipping in the Sea of Asov, which is blocked by Russian ships.
Flying over Ukrainian air space is suspended by the Civil Aviation Authority and Russia has blocked many airlines from using their airspace, which could impact flights to and from the Far East.
Meanwhile, rail freight services to and from China will be disrupted, perhaps even suspended, as Ukraine is usually on the main rail routes.