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Companies in Guyana have already been notified that bunker fuel surcharges on sea freight will increase from April, as global shipping costs respond to the escalating conflict in the Middle East.
Chief Executive Officer of Caribbean Containers Inc., Patricia Bacchus, disclosed the development on Thursday while addressing a forum hosted by the World Trade Centre Georgetown titled, “The Middle East Crisis: Implications for Global Trade and the Supply Chain.”
Bacchus told participants that shipping lines have already begun issuing notices of new bunker fuel surcharges that will affect containers shipped to Guyana.
The increases range from US$450 for a 20-foot container to US$1,440 for a 40-foot refrigerated container, while a standard 40-foot container will see an additional US$900.
Refrigerated containers will face higher surcharges of US$720 for a 20-foot reefer and US$1,440 for a 40-foot reefer.
According to Bacchus, the increases are linked to rising energy costs and disruptions to major global shipping routes caused by the conflict in the Middle East. She explained that fuel represents a significant share of shipping expenses, meaning fluctuations in energy prices quickly affect global freight rates.
“These increases will either have to be absorbed by importers, if there is space in their margins, or, most likely, passed on to consumers,” Bacchus warned.
She noted that geopolitical instability can disrupt multiple stages of global supply chains, including raw material sourcing, manufacturing, and final distribution.
Bacchus added that companies should prepare for continued volatility, citing shipping delays, longer routes, tightening cargo capacity, and rising insurance costs as additional pressures on global trade.
Businesses were advised to consider diversifying suppliers, strengthening partnerships with logistics providers, and maintaining flexible inventory planning to better manage potential supply chain disruptions in the months ahead.
