Sea freight prices surge 25% in Q2 amidst Middle East conflict

Liquid bulk and gas led with 29%, whilst forwarding prices rose 10.2%.

Singapore’s sea freight transport price index (SFTPI) rose sharply by 25.4% quarter on quarter (QoQ) in the second quarter (Q2) of 2026, following a 1.9% increase in the first quarter (Q1), with all sub-indices posting gains, according to the Department of Statistics (DOS).

Amongst the sub-indices, liquid bulk and gas posted the biggest QoQ increase at 29% in Q2, after rising 17.6% in Q1. Dry bulk followed with 26.2%, then containerised with 21%.

Year on year (YoY), the SFTPI increased 32.6% in Q2, accelerating from 1.3% in Q1.

The rise was mainly driven by liquid bulk and gas, which surged 51.6%. Dry bulk and containerised also posted YoY gains of 38.4% and 11.7%, respectively.

"The QoQ and YoY increases likely reflected shipping disruptions, higher bunker costs, war-risk insurance premiums, and other operating cost pressures faced by sea freight operators arising from the conflict in the Middle East," DOS said.

Meanwhile, the freight forwarding price index (FFPI) rose 10.2% QoQ in Q2, up from 4.4% in Q1, with the sea freight forwarding sub-index (up 11.8%) as one of the main drivers. The sub-index also rose 14.4% YoY.

DOS attributed the FFPI increases to higher freight rates amidst higher fuel and operating costs arising from the conflict in the Middle East.