The Port of Suez in Egypt has yet to see a recovery in bunker fuel demand despite the limited return of container shipping services to the Suez Canal, as high fuel prices, tight supply, canal transit fees and renewed Houthi attacks continue to deter buyers.
Only 451 vessels transited the canal in July, 66pc fewer than the 1,342 recorded in July 2023 before the Houthi attacks began, data from trade analytics firm Vortexa show.
Danish shipping company Maersk and German shipowner Hapag-Lloyd have returned some services to the Suez Canal since the start of this year. But only four of Maersk's 13 affected services have resumed their original routes, while the other nine continue to divert around the Cape of Good Hope.
Two of the four restored Maersk services are shared with Hapag-Lloyd and are the only services the German company has returned to the canal. Hapag-Lloyd did not say how many of its services continue to divert around the Cape.
Several shipping companies began rerouting vessels around the Cape after Yemen-based Houthi militants started attacking commercial shipping in late 2023. The diversions increased spot bunker demand at other African ports, including Durban and Cape Town in South Africa and Port Louis in Mauritius.
The Houthis paused their attacks in November 2025 but recently resumed them, targeting ships linked to Saudi Arabia, adding to the risks of transiting the region.
Bunker fuel prices in Suez are also higher than at competing Mediterranean ports, deterring buyers, market participants said.
Argus assessed very-low sulphur fuel oil in Suez at $710.75/t on 19 August, compared with $694.50/t in Gibraltar and $700/t in Malta. Marine gasoil was assessed at $1,474.25/t in Suez, $93.75/t above Gibraltar and $86.75/t above Malta.
Suez bunker prices have risen despite thin demand because of supply shortages, a trader said. Fuel oil and marine gasoil have been diverted to domestic industrial and power-generation use, tightening availability and making offers more difficult for buyers to secure.
High canal transit fees are also limiting vessel traffic and bunker demand in Suez.
