Affected by the continued escalation of the Middle East conflict, the recent downward trend in bunker fuel costs has reversed, with prices surging sharply. Multiple container liner companies will reintroduce emergency bunker surcharges starting in August. Earlier, driven by expectations of a US-Iran ceasefire, prices for very low sulphur fuel oil (VLSFO) and high sulphur fuel oil (HSFO) had eased in early July. However, as US airstrikes intensified, fuel prices have spiked again over the past two weeks.

In Singapore, the world's largest bunkering hub, according to Ship & Bunker data, the spot price of VLSFO stood at $785 per metric tonne on Tuesday (July 21), up 24% from the first week of July; HSFO was quoted at $579 per metric tonne, a 32% increase; and marine gasoil (MGO) reached $1,199 per metric tonne, up 33% from the pre-ceasefire-collapse level in the first week of July. In the port of Rotterdam, VLSFO was priced at $676.50 per metric tonne on Tuesday, up 17% from early July; HSFO at $548.50 per metric tonne, up 25%; and MGO at $1,204 per metric tonne, a 29% rise.

Ocean Network Express (ONE) announced on Monday (July 20) that, effective August 15, it will impose a uniform Emergency Fuel Surcharge (EFS) of $75 per TEU for both FMC-regulated and non-regulated ocean trades, with reefers at $100 per container.

CMA CGM stated in a customer advisory on Wednesday (July 22) that with the recent renewed escalation of hostilities in the Strait of Hormuz, fuel prices have risen sharply, completely reversing the declines seen over the previous weeks. The company announced that, effective from August 1 (loading date, or as per local regulatory filings), it will levy an EFS of $150 per TEU and $165 per reefer container on ocean trades, and this surcharge will remain in effect until further notice.

Effective July 22, Maersk will impose an "Emergency Inland Fuel/Energy Surcharge" in the Nordic region (covering Denmark, Norway, Sweden, Finland, Latvia, Estonia, and Lithuania), with the surcharge to be reviewed and adjusted weekly. In its customer notification, Maersk stated that due to a significant rise in fuel prices caused by supply disruptions in the Middle East, this temporary emergency surcharge is being applied to all inland transport cargo in the Nordic region until further notice.

MSC has already updated its emergency bunker surcharge for European short-sea routes effective July 1. At the same time, the company announced substantial general rate increases on all cargo types from Asia to Northern Europe and Asia to the Mediterranean, effective July 15, which include a Global Fuel Surcharge of $289 per TEU.

Hapag-Lloyd informed customers in mid-July that its EFS for UK and Ireland inland services would be adjusted to be incorporated into the existing regular bunker surcharge mechanism. The company said that the emergency inland fuel surcharge for the UK, Northern Ireland, and the Republic of Ireland will expire on July 31, and for the Nordic region on August 14.