European Transport and Environment Federation: US-Iran conflict raises global shipping costs

The European Transport and Environment Federation released a report on the 27th, stating that global shipping fuel costs have soared due to the impact of the US-Iran conflict, increasing industry operating pressure while also providing an opportunity to accelerate energy transition. The report shows that since February 28, the global shipping industry has accumulated over 4.6 billion euros in additional fuel costs. As the conflict continues, prices of marine fuels have significantly risen. For example, in the port of Singapore, the price of ultra-low sulfur fuel oil has risen to 941 euros per ton, an increase of 223% since the beginning of the year; the price of liquefied natural gas has risen by 72% since early March.