Rates to ship commodities from energy to bulk ores across the world’s oceans are heading for a rare year-end surge as conflicts, sanctions, and swelling output upend global supply lines.

Daily earnings to transport crude on key routes have seen the biggest jump this year, up 467%, while rates to ship liquefied natural gas and commodities such as iron ore have increased more than fourfold and twofold, respectively. Freight costs typically dip at year-end due to seasonal weakness in demand.

Vessels are spending more time at sea transporting cargo, contributing to the spike, and several shipping executives expect tightness in the broader market to continue at least through early next year.

“We’re seeing an old school, extremely tight physical shipping market,” Lars Barstad, the chief execu

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