UK shipping media reported on May 30 that disruptions to transits through the
Strait of Hormuz has sharply increased bunker fuel costs, with carriers passing
higher fuel bills to shippers and global container freight rates rising
markedly. The report said the fuel surge is the main driver: at the world’s
top-20 bunkering hubs ultra-low-sulfur fuel oil is up 68% since mid-February and
high-sulfur fuel oil is up 66%. Shipping consultancy Drewry warned that if the
Strait of Hormuz is not reopened quickly the shock to the market will intensify
and container rates face further upward pressure in the coming weeks amid
seasonal strength.
