Iran Conflict Costing Shipping Industry €340 Million A Day - CleanTechnica

The ongoing conflict in the Gulf region has significantly increased fuel costs for the global shipping industry, resulting in an additional €340 million in daily expenses and over €4.6 billion since late February. This surge is driven by sharp rises in marine fuel prices, with very low sulfur fuel oil (VLSFO) prices in Singapore climbing 223% in 2026 and LNG prices up 72% since March. Given that 99% of the global shipping fleet relies on fossil fuels, the industry remains highly vulnerable to fuel price volatility and geopolitical disruptions. Transport & Environment (T&E) highlights that the narrowing cost gap between fossil fuels and alternative e-fuels—now near parity in some ports—presents an opportunity to reduce this vulnerability. E-fuels, which can be produced locally and are less exposed to geopolitical risks, alongside efficiency measures such as electrification, wind propulsion, and slow steaming, could significantly lower fuel consumption and costs. T&E’s analysis shows that 20% of EU