Shipping lines have implemented an “emergency bunker surcharge” this month in response to a rapid surge in fuel prices.
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According to a local customer advisory issued by Mediterranean Shipping Company (MSC) last week, fuel prices have risen by over 30% this year and almost 70% since last June, with the cost in Europe exceeding US$442 per metric tonne.
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“With crude oil today hovering around US$80 a barrel — the highest since 2014 — the situation is no longer sustainable without emergency action.” The increase in fuel price had been “significantly higher than expected”, Maersk Line announced.
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For the end consumer, this means an extra $50 to $85 USD per container and an extra $1 / m3 for roll on / roll off cargo.
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According to Reuters in London – global shipping fuel costs are likely to rise by a further 25% in 2020 when new rules limiting sulfur kick in.
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With the world poised to enter an era of much higher fuel prices and stricter environmental controls, we expect these recent rises to be “just the tip of the iceberg”.
