Shipping Costs Rise Due to Fuel Prices

Shipping lines have implemented an “emergency bunker surcharge” this month in response to a rapid surge in fuel prices. According to a local customer advisory issued by Mediterranean Shipping Company (MSC) last week, fuel prices have risen by over 30% this year and almost 70% since last June, with the cost in Europe exceeding US$442 per metric tonne. “With crude oil today hoverin...