Bunker fuel prices soar amid Red Sea diversions

Bunker fuel prices soared in Africa and the Mediterranean amid increasing demand due to the diversions in the Red Sea, Reuters reported on Thursday.

According to Reuters, the demand for bunker fuel increased in ports like those at Mauritius, South Africa, and Canary Islands.

Ships are now expected to increase at Singapore and Rotterdam, since they are tow of the busiest bunkering ports, analysts and traders were cited by Reuters.

The attacks in the Red Sea have been putting almost 15 per cent of the world’s shipping traffic under a tight grip.

Hundreds of vessels have been diverting around Africa via the Cape of Good Hope, adding 10-14 days to their journey.