Shortage of Cargo Ships Affecting Energy Prices

The energy crisis in Europe and the resultant higher demand for cargo ships to transport fuels is creating upward pressure on fuel costs.
Following Russia’s invasion of Ukraine, the European Union (EU) imposed sanctions on the Kremlin. In response, Russia began curtailing gas supplies to the region, creating a scramble for energy on the continent. To replace Russian supplies, Europe is now left with no choice but to import oil and gas from other places.
As ships carry fuel to Europe from more distant places, these vessels are occupied for a longer period and not returning back to service as they normally used to. This has sparked an increase in global freight rates, shipping experts told Bloomberg….

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