News / Frustrated shippers question validity of carrier fuel surcharges

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Mounting frustration among cargo owners over emergency bunker surcharges is exposing a rift between carriers and their customers, some shippers openly questioning whether there are genuine fuel shortages. 

One major retailer told The Loadstar there was little clarity – or credibility – behind the additional charges now appearing on invoices.

“Singapore has the biggest stocks of bunkers in the world. So why are the shipping lines charging these exorbitant surcharges? It makes absolutely no sense.” 

The executive also questioned whether inventories at other major bunkering hubs, such as Rotterdam and Shanghai, had declined enough to warrant the emergency pricing measures. 

“When you look at Rotterdam, Singapore, Shanghai… what’s happening with the stock? Has it really gone down low?” 

Carriers, including Maersk and MSC, have attributed the surcharges to supply disruption and the need to source fuel from alternative locations, blaming geopolitical tensions and logistical challenges. But some customers remain unconvinced. 

“What’s going on exactly? It feels like I’m paying maybe for other trades,” said the shipper, adding: “Trust has gone on fuel prices. Ultimately, as far as I’m concerned, there’s not been an availability issue.” 

Rajesh Verma, deputy director of bulk shipping research at Drewry, said today global oil markets were under pressure, but not necessarily facing an outright shortage. 

“Before the war, as an analyst, I used to think that any possible disruption at Hormuz will turn into a debacle for the global oil supply as well as the global economy. But now, I look at a net impact of around a 10% gap of the supply.” 

Mr Verma noted that global onshore oil inventories stood at around six billion barrels, roughly 60 days of forward demand. 

“So, if we bank inventories for this 10% deficit, these inventories will last for 600 days. So, on the face of it, it looks like it’s not a difficult situation.” 

However, he cautioned that inventory was unevenly distributed, leaving some regions more vulnerable than others. 

“Some countries are entirely dependent on imports for their consumption, so those countries will be impacted significantly. If major inventory holders, or major refiners, prioritise their domestic supply, there will be a shortage for other users. So, in such a situation, obviously there’ll be a surge in prices.” 

Drewry has modelled two scenarios, ranging from short-term disruption to a 12-month blockade of the Strait of Hormuz, with the relevant implications on oil prices, trade flows and tanker demand. 

In the near term, tighter supply could push prices higher and lead to inventory drawdowns, while weaker demand would weigh on crude trade and freight rates. 

In a more severe, prolonged disruption, around 10% of global oil supply removed for a full year would drive prices sharply higher and reduce demand significantly. 

Despite these risks, the current dispute centres less on long-term supply dynamics and more on immediate transparency. For shippers, the key issue is whether surcharges reflect actual cost increases or opportunistic pricing. 

Yesterday, Maersk announced a 35% import and export fuel surcharge to be applied to applicable inland transportation charges in Korea, to “partially offset the extraordinary increase in fuel-related costs”, so it could “continue to provide reliable service under the current market conditions”.

The carrier also hit Germany, Austria, Switzerland, Belgium, the Netherlands and Luxembourg with a fuel surcharge of 15% for truck and barge transport, and 7% for rail, along with similar fees in Poland and the UK.

MSC also updated its emergency fuel surcharge yesterday to apply to all cargo from the Red Sea and East Africa to Northern Europe (including UK and Scanbaltic), the West Mediterranean and Adriatic.

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