Shipping industry faces higher costs as marine fuel rises 23% this year

Fuel is shipping’s single biggest expense, so any price surge adds more inflationary pressure to already strained global supply chains

Ship fuel can be made from some of the same ingredients that refiners can also put into diesel and petrol.

The shipping industry is starting to feel the full force of surging diesel and petrol costs.

Ship fuel can be made from some of the same ingredients that refiners can also put into diesel and petrol. But soaring margins of the latter two fuels are making their production more attractive, resulting in tighter supplies for the maritime sector.