With a significant surge in maritime traffic, Pakistan’s Karachi port has seen a record-breaking volume of cargo this month, surpassing the total volume handled in the entire previous year, as ships reroute from the Strait of Hormuz due to heightened regional tensions.
The nation is bracing for an impending energy crisis as summer demand peaks, with projected liquefied natural gas (LNG) supplies dwindling to nearly zero by April and a mere 24 days of fuel reserves remaining.
Insurance premiums for war risk have skyrocketed over tenfold, while freight rates have quadrupled in response to the escalating situation.
In an effort to mitigate the crisis, the government has implemented bi-weekly adjustments to fuel prices, restricted power outages, and increased electricity tariffs while engaging in diplomatic efforts to secure rerouted fuel shipments and de-escalate tensions.
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