Ship fuel back near US$890 a tonne as carriers set Q4 2026 fuel surcharges

Ship fuel, known as bunker fuel, became more expensive again in late September and early October 2026, while the carriers' quarterly fuel surcharges for October to December were set using cheaper fuel from earlier in the year.

Singapore bunker prices. Singapore is the main fuelling hub for ships serving Colombo and South Asia.

• Engine reported that Singapore very low sulphur fuel oil (VLSFO) fell US$47 to US$793 a tonne on 1 October, its lowest level in a month, then jumped US$76 to US$869 a tonne on 2 October. Low sulphur marine gasoil (LSMGO) rebounded US$124 to US$1,312 a tonne the same day, and high sulphur fuel oil (HSFO) rose US$56 to US$736.
• Ship & Bunker's Singapore assessment put VLSFO at US$890 a tonne on 6 October, up US$9.50 on the day, after US$854 on 30 September. MGO was US$1,243.
• Lloyd's List Intelligence reported on 30 September that bunker prices had headed higher again after a brief dip around the US-Iran peace memorandum, and that VLSFO pricing was back near early-April levels, "sharply higher than pre-crisis levels".

Carrier fuel surcharges for Q4. Several carriers reset their fuel charges from 1 October.

• Maersk. Maersk's Fossil Fuel Fee (FFF) notice of 1 September set new tariffs from 1 October 2026. The Q4 fee is based on an average VLSFO price of US$752.19 a tonne and LSMGO of US$1,157.90 from 11 May to 10 August. The Q3 fee, set on 1 June, used VLSFO at US$774.65. So the Q4 fee is slightly lower on most trades. For Indian Sub-Continent to Far East Asia, the FFF for a 40-foot dry container is US$646, down from US$666 in Q3. For Far East Asia to Indian Sub-Continent it is US$494, down from US$509.
• ONE. Portcast reported on 3 September that Ocean Network Express revised its bunker surcharge (OBS) from 1 October to 31 December 2026, at US$735 per dry container for Asia to Europe and the Mediterranean and US$1,035 for Asia to North America eastbound.

The surcharge lags the fuel price. Maersk's Q4 fee uses a VLSFO average of about US$752 a tonne. Ship & Bunker's Singapore price on 6 October was US$890, about 18% higher. Quarterly formulas look back several months, so today's higher fuel costs are not yet in Q4 surcharges. If prices stay at this level, shippers should expect fuel charges for the first quarter of 2027 to be reviewed upward. That is a possibility, not an announcement.

Different lines, different formulas. Each carrier has its own reference period, fuel index and trade-by-trade table. Maersk has moved new contracts to the FFF, while ONE uses its OBS. The same box from Colombo can attract quite different fuel charges depending on the line. Our earlier post on shipping line surcharges covers the other charges that sit alongside fuel.

Feeder costs. Sri Lankan cargo often moves on feeders or relay services through hubs. Feeder operators also buy bunker fuel, and their charges can move faster than the main line quarterly reviews.

Oil is the driver. Bunker prices follow crude, which is around US$100 a barrel because of the Iran conflict and attacks in the Strait of Hormuz. The US Energy Information Administration forecast on 6 October that Brent would average US$105 in the fourth quarter.

1. Ask each carrier or forwarder for the Q4 fuel charge on your exact lane and container type, in writing.
2. Check whether quotes say "subject to BAF" or "fuel included", and which quarter's fuel charge applies (sailing date or booking date).
3. For contracts running into 2027, ask how and when fuel charges will be reviewed.
4. Compare total landed cost, not just the base rate, using our container transport tool.
5. Keep an eye on Singapore VLSFO in the Trade watch panel.