The Port of Las Palmas and the supply nodes of West Africa are facing a new week of high volatility since March 8, 2026, marked by the complete closure of the Strait of Hormuz by the Iranian Revolutionary Guard. For the Canary Islands, the situation becomes critical in its role as a logistical hub for routes connecting with West Africa. Why is this effective? It is enough to recall that the Suezmax Black Sea-Mediterranean index rose by 24% compared to last Friday, reaching $185,766 per day, and the Suezmax West Africa-Europe index increased by 21%, reaching $131,295 per day. The average global Suezmax index (excluding the MEG route) rose by 23%, to $158,531 per day. The increase in prices in Gibraltar (where LSMGO has risen by $15 and HSFO another $15 per ton) is putting upward pressure on rates in the archipelago, which must compete to attract product in a market where routes are being massively diverted due to maritime insecurity. On the southern flank of the Atlantic, Durban is already reflecting this increase with an aggressive rise of $49 per ton for VLSFO, which forecasts a week of narrow margins for shipping companies operating on the West African coast. This geopolitical blockade, affecting 20% of global crude supply, has neutralized the relief brought by the increase in commercial reserves in the United States —standing at 439 million barrels— to shift operators’ attention to the physical product shortage in the Atlantic. The ripple effect of the conflict in the Middle East has impacted the ledgers of major supply centers unevenly. While Brent is trading with a slight technical correction at $83.51 per barrel, the physical bunker market shows a much more tense reality. In the European axis, the ARA (Amsterdam-Rotterdam-Antwerp) center is experiencing extraordinary premiums, with the price of LSMGO in Rotterdam skyrocketing to $998 per metric ton. This volatility has caused an anomaly in the differential with Antwerp, where Rotterdam has gone from a $45 discount to a $9 premium in less than 24 hours, reflecting a race to secure supplies amid delivery times that are already extending to 15 days. Analysts’ diagnosis highlights a risk of ‘stranded supplies’: with producers unable to export through Hormuz and forced to store crude in tanks, the availability of middle distillates in the bunker market could be compromised in the short term. In Las Palmas, this situation forces fleet managers to anticipate their orders with a window of at least two weeks, while premiums for immediate supply begin to exceed budget forecasts for the first quarter.
© 2026 canarymaritime