The price spikes follow the removal of 1.8 million tonnes of fuel oil from the market every month, approximately 8% of global marine fuel demand. This shortage stems from 1 million tonnes lost to Ukrainian drone strikes on Russian refineries and 800,000 tonnes lost from Persian Gulf exports, including Iran. Vitol estimates that these cuts will persist as refiners prioritize higher-margin diesel over ship fuel. Meanwhile, the cost gap between clean and dirty fuel widened from $26 to $254 a tonne, potentially saving ships equipped with scrubbers up to $635,000 per voyage.
Tuesday, October 20, 2026
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Ship Fuel Prices Double in 2026 as War Cuts 1.8M Tonnes Monthly Supply
Commodities8 hours ago
Clean marine fuel in Singapore climbed to $919 a tonne on Oct. 17 from $428 on Jan. 2, while the high-sulfur fuel oil grade rose from $402 to $665 this year. The price surge has increased the fuel bill for a supertanker on a Gulf to China round trip from $1 million to $2 million, contributing to a $600 million quarterly loss for Hapag-Lloyd. Maersk faces costs of roughly $500 million a month, with 70% of that expense attributed to fuel, according to data from shipping analyst Jack Prandelli.
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