Rising tensions in the Middle East disrupt fuel supplies, driving bunker prices up sharply in Asia, reports Ukrainska Pravda.
Escalating conflict in the Middle East has disrupted fuel oil supplies through the Strait of Hormuz, sharply increasing bunker prices in Asia, reports Kiev's Ukrainska Pravda.
According to Reuters, about 3.7 million tonnes of fuel oil transit the Strait monthly, with 1.2 million tonnes bound for Asia, mainly Southeast Asia. Tanker transits have dropped by 90 percent compared to last week.
As a result, bunker fuel prices in Singapore have risen by more than 40 percent, while low-sulphur fuel has climbed nearly 30 percent. This surge has raised refuelling costs for vessels and pushed up transport expenses.
Analysts have warned that if tensions persist, prices could rise further, and shipping operations across Asia will face mounting difficulties in securing alternative supplies.
