Ships have been forgoing cargo in order to take shipping fuel to critical ports, as shortages caused by strikes in the Gulf pile almost $5bn of extra costs on the industry since the Iran war began.
Inventories of so-called bunker fuel have been under pressure globally, particularly in Asian ports where many ships are diverting because of the conflict in the Middle East and Tehran’s effective closure of the Strait of Hormuz, which has sent energy prices soaring.
Prices for marine gas oil, one of several bunker fuels used by the shipping industry, were up 190 per cent by March 9 compared with a month earlier, increasing the fuel cost for a large crude oil tanker by $82,000 a day, according to price reporting agency Argus.
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