Maritime shipping officials confirmed on Friday that the US-Israeli-Iranian war has led to noticeable changes in global bunker fuel purchasing patterns, with shipping companies increasingly relying on spot and short-term purchases to cope with sharp price fluctuations and ensure greater supply management flexibility.
Reuters quoted executives from major global shipping companies saying that disruptions to key waterways in the Middle East have forced navigation companies to adjust their ship routes and seek alternative fueling locations, reducing interest in long-term contracts tied to specific ports.
They noted that bunker fuel prices remain more than 70 percent higher than pre-war levels, prompting shipowners to limit fuel quantities to reach the next port while awaiting market price changes.
Peter Gronvaldt, CEO of Seascale Energy, said that spot purchasing gives shipping companies greater flexibility to make fueling decisions based on daily prices, unlike long-term contracts that obligate buyers to take agreed quantities regardless of market movements.
Bunker fuel is one of the most prominent costs in maritime transport, while supply disruptions in strategic waterways, particularly the Strait of Hormuz, are increasing pressure on global trade, about 90 percent of which relies on maritime transport.
Source: Syrian Arab News Agency (SANA)
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