The global shipping industry is facing rising costs and growing supply pressure after the war with Iran and the closure of the Strait of Hormuz disrupted flows of bunker fuel, tightening availability in Asia and sending prices sharply higher at Singapore, the world’s biggest refuelling hub.
According to an Associated Press (AP) report, bunker fuel, the heavy residual product used to power most large vessels, remains central to world trade. Although it is one of the
