AS 99 per cent of the global fleet is still powered by fossil fuels, it said, the industry is “directly exposed” to fuel price volatility and supply disruptions.
Tensions around the Strait of Hormuz are pushing up costs across the global shipping industry, with companies facing an additional 340 million euros (US$393 million) in daily fuel expenses, transport and environment, a European clean transport advocacy group, said Friday.
Shipping firms have incurred more than 4.6 billion euros in extra fuel costs since 28 February, when the United States and Israel started massive attacks on Iran, the group said in a report.
Marine fuel prices have surged sharply, it said, with very low sulphur fuel oil climbing to 941 euros per tonne in Singapore, up 223 per cent since the start of 2026. Liquefied natural gas prices have also risen by 72 per cent since early March, further increasing operating costs for shipowners.
As 99 per cent of the global fleet is still powered by fossil fuels, it said, the industry is “directly exposed” to fuel price volatility and supply disruptions.
“Chaos in the Strait of Hormuz is putting global maritime trade under the spotlight, but its most immediate impact is on oil markets,” said Eloi Norde, the organization’s shipping policy officer. “The war is costing the industry millions every day.”
Xinhua
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