By Ashley Erika O. Jose, Reporter
THREE regional shipping lines are raising passenger and cargo rates by as much as 25% following a surge in fuel costs triggered by the closure of the Strait of Hormuz, which pushed global oil prices above $100 per barrel.
While the Philippine Ports Authority (PPA) reported that maritime gateways remain physically operational, the sector is reeling from escalating bunker costs which have forced these firms to revise their fare matrices to offset rising diesel and kerosene prices.
Starlite Ferries, Inc., a unit of Chelsea Logistics and Infrastructure Corp., announced in a Monday advisory that each passenger and cargo rates would increase by as much as 25% starting March 10.
“The worth of fuel has been steadily increasing since January of this 12 months. On top of that, there may be an abrupt high spike of fuel price that was implemented in the course of the first week of this month and an impending big-time price hike in the approaching weeks because of the continuing conflict within the Middle East,” Starlite Ferries said.
Starlite operates vital maritime corridors including Batangas, Calapan, Cebu, and Surigao.
Other regional operators followed suit. Montenegro Shipping Lines, Inc. will implement a ten% to twenty% increase in passenger and vehicle rates across its routes starting March 23. FastCat, Inc. operated by Archipelago Philippine Ferries Corp., revised its fare matrix upward for each passengers and vehicles starting March 6.
FastCat serves Batangas, Mindoro, Cebu, and Surigao, while Montenegro also covers Batangas to Mindoro routes and several other key Visayas and Mindanao corridors.
The fare adjustments follow a dire forecast from the Department of Energy (DoE), which projected domestic diesel prices would rise by P17.50 to P23 per liter and kerosene by P32 to P36 per liter.
These domestic increases are a direct result of world oil prices breaching the $100-per-barrel mark after the closure of the Strait of Hormuz, a primary global shipping corridor.
While the PPA maintained that the nation’s major terminals proceed to operate without reported disruptions, the regulator warned that ongoing tensions within the Middle East present significant economic risks.
The PPA also said that rising bunker costs and freight rates could eventually weigh on cargo volumes across the archipelago if the situation persists.