French shipping group CMA CGM said on Friday it would introduce an exceptional surcharge after its first quarter earnings were hit by a sharp rise in bunker fuel prices.
The move comes after Maersk Line, the world’s largest container shipping company, announced a similar “emergency bunker surcharge” earlier on Friday. (Earlier this week, Mediterranean Shipping Company, the world’s second largest container line, also set a similar “temporary emergency bunker surcharge” amid rising fuel costs.)
Oil prices hit their highest since late 2014 at $80.50 a barrel this month, lifted by the United States’ exit this month from the landmark nuclear deal with Iran and imposed sanctions against the OPEC member.
