Global shipping companies are facing unprecedented fuel shortages and soaring costs after Iran's war disrupted key supply routes. Ships are being diverted from the Gulf, with marine gas oil prices up 190% since early March, adding nearly $5 billion in extra costs to the industry.

Fujairah, the world's third-largest bunkering hub, has effectively shut down due to the conflict, forcing ships to seek fuel elsewhere. Singapore, the biggest ship fuel port, is under severe pressure as vessels reroute away from the Gulf. Some companies are taking the unusual step of forgoing cargo to carry additional fuel, particularly between the US and Singapore.

Danish shipping giant Maersk reports having to redistribute fuel across its global network to maintain operations. Most major shipping companies have introduced emergency fuel surcharges to offset costs, with Hapag-Lloyd estimating weekly losses of $40-50 million. The crisis has highlighted the vulnerability of the shipping industry's fuel supply chain and could accelerate investment in alternative fuels.