The global shipping industry is grappling with a fuel shortage, primarily caused by the diversion of resources away from fuel oil towards diesel. This shift in priorities has been driven by ongoing conflicts in Ukraine and Iran, which are major suppliers of both fuels.
As a result, refiners are struggling to meet demand for fuel oil, leading to shortages on the market. This scarcity is expected to increase costs for cargo owners, potentially disrupting trade routes and supply chains worldwide.