Mediterranean Shipping Co is imposing a bunker surcharge as it battles a sharp jump in fuel prices.
“Fuel prices are up more than 30% this year, and almost 70% since last June. Prices in Europe exceeded $442/mt last week. With crude oil today hovering around $80 a barrel — the highest since 2014 — the situation is no longer sustainable without emergency action,” the container shipping line explained.
MSC’s worldwide emergency bunker surcharge applies to all ocean and land-based cargo carriage with immediately but is only temporary.
Calling it a last resort measure, the company said the surcharge was essential as the surge in bunker prices had greatly impacted the operating environment for container shipping lines.
Rising fuel costs have been affecting margins of shipping companies such as Hyundai Merchant Marine and Maersk. President Trump’s plans to reimpose sanctions on Iran has already seen oil prices rise and this could lead to even higher fuel costs for shipping companies.
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