Many bulk carriers in the world's merchant fleet are facing fuel supply problems due to the conflict in the Middle East, and the crisis in the industry will last for at least several months after the US-Iran agreement, the Financial Times (FT) reports, citing its sources.
Ships are diverting to different countries to find fuel due to the chaos caused by the US-Israeli war against Iran. This has affected supply chains and shipping routes, increasing costs, including for bulk carriers carrying a wide range of raw materials that are critical to the global economy.
According to industry executives, bulk carriers are having to wait up to two weeks for fuel or travel hundreds of extra miles to refuel due to the disruption of established energy supply routes. According to Semiramis Paliu, CEO of Diana Shipping, one of the world’s largest dry bulk carriers, the company has diverted ships from Japan to Korea at least twice in recent weeks in search of fuel. “Our charterers are not always able to find the required amount of [fuel], including at the ports where the ships are supposed to be heading,“ she said.
According to Costas Delaportas, CEO of DryDel Shipping, dry bulk carriers have had to wait 10 to 12 days to refuel in Singapore or Fujairah (UAE), instead of the previous two to three days. Securing engine lubricants has also become a challenge for his company's ships, with some receiving only 60% of the quantities ordered.
Meanwhile, the price of fuels and lubricants used to operate engines and ship systems in Singapore is now more than 40% higher than a year ago.