Extreme volatility has returned to the docks. The missile attack by Iran on two tankers in Iraqi waters has not only pushed the Brent barrel close to 85 euros (97.89 $) but has also caused a seismic shift in the pricing boards of major global supply centers. The Port of Las Palmas observes today a market where fuel is not only more expensive but is beginning to become scarce in Northern Europe due to logistical blockages and strikes. The price of HSFO in Las Palmas is nearly on par with that of Gibraltar, while its price for VLSFO offers a discount of around 15 dollars/ton compared to Gibraltar. The availability of all types of fuel is limited in Las Palmas, said a trader. Operations at the outer anchorage of Las Palmas have been canceled due to strong waves exceeding 2.5 meters, reported port agent MH Bland. However, refueling operations can be carried out at the inner anchorage and the dock, but they are experiencing delays, added the port agent. The breakdown of the increases recorded today, converted to euros from yesterday (according to the official exchange rate of 1.15 $/€), indicates that the greatest pressure is concentrated on VLSFO (low sulfur fuel), essential for the conventional fleet. In Durban, the price has climbed to 89.50 euros per ton, while at the Port of Rotterdam, the increase has been 82.60 euros. In the Strait area, Gibraltar records a more moderate rise of 38.20 euros per ton, maintaining competitive pressure in the area. For its part, LSMGO (marine diesel) has experienced the steepest jump of the day. In Gibraltar, shipowners have seen the price shoot up by 89.50 euros per ton, a figure identical to that recorded in Rotterdam, where the increase reached 84.30 euros. This escalation drastically raises operational costs in emission control areas and port maneuvers. Even heavy fuels and new biofuels have succumbed to the upward trend. HSFO (high sulfur fuel) rose by 63.40 euros in Gibraltar and 37.40 euros in Rotterdam. This increase, although notable, is less than that of VLSFO, widening the savings for ships with scrubbers. Additionally, B30-VLSFO increased by 59.10 euros in the Strait and 55.60 euros in Northern Europe, reflecting the contagion of crude to all supply categories. This scenario of skyrocketing prices coincides with a logistical collapse in Belgian ports, where a pilot strike has left 91 ships blocked in Antwerp and another 19 in Zeebrugge. With Brent gaining almost 6 euros per barrel in a single session following the suspension of exports in Iraq, Las Palmas is today positioned as a vital operational refuge against the chaos and missiles that threaten the oil flow in the Strait of Ormuz. The Danish shipping giant AP Møller – Mærsk stated that it will implement a temporary “emergency fuel surcharge” (EBS) due to the current situation. The surcharge will cover the impact of availability, cost, and fuel mix, in addition to what is already covered in the company’s Fossil Fuel Rate. Once the required regulatory approval is obtained, the EBS will apply to all routes worldwide starting March 25, 2026, and will be reevaluated biweekly, Maersk said. The company stated that adding the surcharge will enhance its ability to access the required fuel and the capacity to move it to where it is needed. In addition to introducing the surcharge, Maersk claimed to have conducted a major fuel redistribution to compensate for shortages in the Middle East. The company is seeking alternative fuel sources from different locations and suppliers. This is not the first time shipping lines have implemented fuel surcharges. MSC introduced them in 2022 to address price volatility at the onset of the conflict between Russia and Ukraine. The German container line Hapag Lloyd also announced an emergency fuel surcharge (EFS) that will apply to all shipments starting March 23, 2026. The EFS will take effect from April 8, 2026, for journeys under the jurisdiction of the U.S. Federal Maritime Commission, the company added. Other rivals, including the French CMA CGM, the Japanese Ocean Network Express, and the Swiss Mediterranean Shipping Company (MSC), have also announced similar surcharges, set to take effect in mid or late March.
© 2026 canarymaritime