Fuel Surcharges and Slow-Steaming Making Waves for Shippers

Why It Matters

Frequent surcharge adjustments and slower vessel speeds raise landed‑cost volatility, pressuring shipper margins and complicating supply‑chain budgeting. The shift also signals carriers’ need to recover soaring bunker expenses without eroding customer relationships.

Key Takeaways

• Hapag‑Lloyd adds monthly fuel surcharges to recover costs faster.
• ONE raises EFS to $160/TEU on deep‑sea headhaul, $80/TEU back‑haul.
• Slow‑steaming cuts average vessel speed 2.3% to 15.18 knots.
• Hormuz closure adds $50 million weekly fuel cost for Hapag‑Lloyd.
• Shippers face higher inland and intermodal surcharges, reducing cost predictability.

Pulse Analysis

The sudden closure of the Strait of Hormuz has sent bunker markets into overdrive, pushing very‑low‑sulphur fuel oil to historic highs of $1,201 per tonne and low‑sulphur marine gas oil to $2,018 per tonne. Carriers, suddenly facing an extra $50 million in weekly fuel outlays, are scrambling to align surcharge mechanisms with real‑time price swings. By shifting from quarterly to monthly emergency fuel surcharges, firms like Hapag‑Lloyd aim to recoup costs faster while offering shippers clearer, more predictable billing.

Japanese carrier ONE’s recent EFS hike—$160 per TEU on deep‑sea headhaul and $80 on back‑haul—illustrates how carriers are passing on both ocean‑leg and inland fuel pressures. The increase follows a modest $120‑per‑TEU baseline set in March, underscoring the volatility that shippers and third‑party logistics providers must now factor into landed‑cost calculations. Analysts at Crane Worldwide warn that these layered surcharges erode price certainty, especially as intermodal and trucking fees are folded into the same surcharge structures.

At the same time, carriers are tempering speed to curb bunker consumption. Alphaliner’s data shows average vessel speeds fell 2.3% to 15.18 knots—the slowest pace since March 2023—reflecting a strategic return to slow‑steaming. While slower voyages extend transit times, they mitigate fuel burn and help stabilize margins amid price turbulence. Should the Hormuz corridor reopen and bunker rates ease, history suggests speeds will rebound more gradually than they fell, leaving shippers to balance cost savings against longer lead times in future supply‑chain planning.