The world's second-largest shipping line in terms of container vessel capacity Mediterranean Shipping Company (MSC) Monday introduced a worldwide temporary emergency bunker surcharge on all ocean and land-based cargo carriage with immediate effect.
Bunker fuel prices are up more than 30% in 2018 and almost 70% since June 2017, while prices of marine fuel in Europe exceeded $442 per metric tonne (pmt) last week, says MSC.
“The continued surge in bunker prices has greatly impacted the operating environment for container shipping lines,” it explains.
“With crude oil today hovering around $80 a barrel – the highest since 2014 – the situation is no longer sustainable without emergency action.
“This last-resort measure is essential to ensure that we navigate these challenging economic conditions in a steady and sustainable way and continue to provide a high quality of service to all our customers.”
The company says it will continue to evaluate longer-term strategies to help ease the situation.
Photo credit: Mediterranean Shipping Company
Published: 22 May, 2018
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