As the crisis in the Strait of Hormuz escalates, it continues to exert upward pressure on the global bunkering market, causing significant price volatility along the main shipping routes.
The latest data from Ship&Bunker shows that the global average price of VLSFO (Very Low Sulphur Fuel Oil) has risen to $962/tonne. Before the Hormuz crisis, the price stood at $576 per tonne.
The peak was recorded in March, when VLSFO hit $1,068 per tonne, followed by a drop to $740 in July.
The market for IFO380 – high-sulphur fuel oil (HSFO) for ships fitted with scrubber emission control systems – is now close to its all-time high. During yesterday’s trading session, it reached $798 per tonne, coming very close to the record $846 per tonne recorded in March.
The price differential between VLSFO and IFO380 has narrowed to around $164 per tonne (compared with previous peaks of over $200). Whilst this spread remains favourable, it slightly reduces the immediate savings for shipowners who have invested in scrubbers, due to the record rise in the cost of heavy fuel oils.
Experts predict that if the intensity and frequency of attacks in the Strait continue, the price of bunker fuel could rise further over the next few months.
It is now widely expected that carriers will respond by introducing new bunker surcharges as early as the first quarter of 2027.
Translation by Giles Foster
