By Trieris Shipping Agencies•March 10, 2026•5 min read

For vessel operators calling at Greek ports, the first quarter of 2026 has delivered a sharp reminder that fuel costs remain one of the most volatile factors in maritime operations. With oil surging past $120 per barrel and the Strait of Hormuz facing unprecedented disruptions, bunkering strategy has become a critical concern for every vessel operator in the Eastern Mediterranean.

What Happened

The escalation of the US-Iran conflict in early 2026 triggered a cascade of disruptions across global energy markets. VLCC freight rates from the Middle East to China hit an all-time record of $423,736 per day. Major war risk providers, including Gard, Skuld, NorthStandard, and the London P&I Club, cancelled coverage for vessels in the Persian Gulf.

Vessel traffic density map of the Strait of Hormuz and Persian Gulf
Vessel traffic in the Strait of Hormuz. Approximately 20% of the world's seaborne oil trade passes through this chokepoint. Source: MarineTraffic

The consequences were immediate: roughly 20% of global seaborne oil and 19% of LNG volumes that normally transit the Strait of Hormuz were disrupted. The IEA described it as one of the largest supply disruptions in recent memory.

Sources: CNBC, March 2026; International Energy Agency; Naftika Chronika

Impact on Bunker Costs

VLSFO prices have risen by approximately 40% since the initial military strikes. MSC announced emergency fuel surcharges for Mediterranean and Black Sea cargo. CMA CGM followed with surcharges across its services. BAF charges have climbed in tandem.

Bunkering operation: fuel barge alongside a tanker vessel
A bunkering operation at anchorage. Rising fuel costs have pushed the true cost of bunkering well beyond headline per-ton prices.

The Fuelsure Transparency Index 2026 highlights that the true cost of bunkering extends beyond per-ton pricing. Delays, quality shortfalls, and operational disruptions can make a nominally cheaper supplier significantly more expensive in practice.

Sources: Hellenic Shipping News, Ship & Bunker, Naftemporiki

Eastern Mediterranean Impact

Greek port with pipelines and cargo cranes
Greek ports offer competitive bunkering rates relative to other Mediterranean hubs, with established local suppliers and quality controls.
  • Piraeus and surrounding anchorages offer bunkering at competitive rates relative to other Mediterranean hubs
  • EU ETS now applies at 100% for 2026, adding an estimated €170+ per ton to effective fuel costs on intra-EU voyages
  • Cape of Good Hope rerouting adds approximately 3,500 nautical miles to Asia-Europe voyages
  • Greece's growing LNG bunkering infrastructure at Revithoussa offers an emerging alternative for LNG-fueled vessels
  • Greek shipowners continue placing newbuilding orders despite market volatility

Sources: Naftika Chronika, Naftemporiki, Ship & Bunker

Practical Steps

Multiple commercial vessels at anchorage
Working with a local agent ensures competitive bunker rates, quality verification, and efficient delivery at anchorage.

In the current environment, especially at key hubs like Piraeus and the wider Greek coastline, working with a local agent who has established supplier relationships becomes even more valuable. An experienced agent can secure competitive rates, coordinate quality checks, and ensure timely delivery, minimizing the operational disruptions that drive up the true cost of bunkering.

Trieris Shipping Agencies coordinates bunkering operations across all Greek ports with trusted local suppliers. We ensure competitive pricing, quality verification, and efficient delivery at berth or anchorage. Contact agency@trieris.gr or call +30 210 422 1401.

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