Three Philippine shipping companies raise rates by up to 25% as global oil prices exceed US$100 per barrel due to Strait of Hormuz closure.
Three regional shipping companies in the Philippines are increasing passenger and cargo rates by up to 25 percent after global oil prices climbed above US$100 per barrel following the closure of the Strait of Hormuz, reported Manila's Business World.
Starlite Ferries, part of Chelsea Logistics and Infrastructure, announced fare hikes of up to 25 percent effective March 10. The company cited rising diesel and kerosene costs driven by Middle East tensions. Starlite operates routes linking Batangas, Calapan, Cebu, and Surigao.
Montenegro Shipping Lines will raise passenger and vehicle rates by 10 to 20 percent from March 23. FastCat, operated by Archipelago Philippine Ferries Corp., increased fares on March 6. Both carriers serve key corridors across Batangas, Mindoro, Cebu, Surigao, and other Visayas and Mindanao routes.
The Department of Energy forecast domestic diesel prices rising PHP17.50 (US$0.29) to PHP23 per litre and kerosene PHP32 to PHP36 per litre. The Philippine Ports Authority said major terminals remain operational but warned that bunker costs and freight rates could weigh on cargo volumes if the situation persists.
