ING: Hormuz oil shock makes alternative fuels more attractive
The current oil price shock is making alternative fuels more cost competitive in the shipping sector, according to Gerben Hieminga, Senior Sector Economist, Energy, ING and Rico Luman, Senior Sector Economist, Transport and Logistics, ING.
As explained, the Middle East conflict and blockade of the Strait of Hormuz have disrupted oil supply and pushed shipping fuel prices, like marine gas oil (MGO), sharply higher. In this environment, fuel strategy is no longer just about cost, but also about securing supply and managing price risks.
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