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00:02A group representing 18 major shipping countries warned Tuesday that global conflicts, trade
00:08restrictions and disruptions at key waterways are raising costs and increasing uncertainty
00:13across global supply chains, according to the Wall Street Journal.
00:17The consultative shipping group said attacks on vessels in the Strait of Hormuz and Black
00:21Sea signal a structural shift in global trade.
00:25The group said two parallel trade systems are emerging, with one following international
00:29rules and another evading sanctions, attacking vessels and forcing ships to reroute.
00:35Hundreds of vessels now operate in shadow fleets without insurance, further fragmenting supply
00:40chains.
00:41The group said recent disruptions from conflicts, drought and the pandemic threaten maritime trade,
00:47which carries about 80% of global commerce.
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