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Before COVID-19, shippers were most concerned about rising fuel prices related to the IMO regulations surrounding the global switch to low-sulfur marine fuel. However, as the pandemic struck the trade, the price of marine fuel collapsed. Shipowners and cargo shippers actually saved money on fuel in 2020.

Unfortunately, the 2021 trend is in the opposite direction. The price of marine fuel is coming back, and so-called “scrubbers” — equipment allowing ships to legally burn cheaper, high-sulfur fuel — are starting to pay off much more than before.

Rising marine fuel prices will mean rising costs for cargo shippers and ship operators. Read more at Freightwaves.