Shipping fuel prices have reached “truly unprecedented” levels, having nearly doubled from the cargo crunch driven by the Middle East war, an industry leader told AFP.
The blockade of the crucial Strait of Hormuz after the war broke out has severely restricted the supply of ship fuels to ports in the region, said Constantinos Capetanakis, chairman of the International Bunker Industry Association.
The average price of very low sulphur fuel oil — used by many ships — across the world’s 20 largest refuelling ports was $1,017 per tonne, up from $544 per tonne on February 27, according to data from industry monitor Ship and Bunker.
“These are urgent situations and circumstances. You need to plan ahead as much as possible,” Capetanakis told AFP, calling for “calmness and realism” from the shipping industry.
