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Hormuz Closure Spurs $300 Bunker Jump; Fleet Adopts LNG

5/12/2026

25 5 Full Breakdown

Summary

Story summary

Singapore bunker fuel jumped from $500 to over $800 per ton after the Iran war closed the Strait of Hormuz.
The closure cut global supplies, added €340 million (nearly $400 million) daily to shipping costs, slowed vessels 2% worldwide since Feb. 28, and hit over half of 2024 seaborne trade through Asian ports.
Fleet Management Limited will equip about one-third of its 120 ships with dual-fuel LNG capability, spurring green-fuel interest.

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Story summary

Singapore bunker fuel jumped from $500 to over $800 per ton after the Iran war closed the Strait of Hormuz.
The closure cut global supplies, added €340 million (nearly $400 million) daily to shipping costs, slowed vessels 2% worldwide since Feb. 28, and hit over half of 2024 seaborne trade through Asian ports.
Fleet Management Limited will equip about one-third of its 120 ships with dual-fuel LNG capability, spurring green-fuel interest.