Fluctuations in fuel prices in the maritime transport industry due to disruptions in the Strait of Hormuz in early 2026 have significantly increased. Just a few weeks after this disruption, emergency fuel surcharges (EFS and EBS) emerged across the market. By spring 2026, every major shipping line had an active plan for these surcharges, with some extending them to domestic and multi-modal sectors as well.
Increased Costs in Peak Season
In June, a wave of peak season surcharges was observed on routes from Asia to Europe and trans-Pacific. Additional charges ranging from $500 to $1200 per container were announced, and in some cases, this amount increased to $2000 for a 40-foot container (FEU). As conflicts in the Middle East intensified in late July, a second round of emergency fuel surcharges for August was released, reversing the reductions that had just begun.
Read more: The maritime cargo insurance market continued to soften in 2025
These three waves of charges over six months, along with general rate increases, indicate that additional costs have become the industry's default response to fluctuations. Any disruption appears as a new line item on the invoice, making unpredictable costs a permanent part of the work for supply and operations teams.
Impact of Market Capacities and Costs
In 2026, capacity on major routes reached historical highs. Shipping radars indicate that empty voyages account for less than 10 to 15 percent of the offered capacity. Demand in this market appears healthy, showing an increase of nearly 5 percent compared to the previous year. However, peak season costs continue to emerge, which is more related to geography and disruptions than to the calendar.
Shipping companies manage capacities to maintain network balance and keep rates stable. This business action makes sense, but the result is that additional costs are no longer a reliable signal of actual shortages or real costs. In some cases, these costs are pricing decisions that were previously known as rate increases.
In 2026, cargo owners publicly examined whether emergency fuel surcharges truly reflect real cost increases. One shipping representative clearly stated, "Trust in fuel prices has eroded." While some shipping lines significantly increased their profits due to disruptions, cargo representatives reacted by accusing the lines of exploiting these disruptions.
Read more: Revival of China's steel sector after the request from the China Iron and Steel Association · LNG competition and European gas storage affected prices
