Baf L 820x480

what is the meaning Bunker surcharge in maritime law and shipping law?

The bunker surcharge is a surcharge on the freight reflecting fluctuations in
the price of fuel, aimed at ensuring that shipping lines are not out of pocket
as a result of such fluctuations. The need for this surcharge arose suddenly
in 1974 when oil prices quadrupled. Fuel then became a significant element
in the shipowner’s costs (to a lesser extent it still is, although, because of the
high prices reached by bunker prices, shipowners have striven to find ways of
reducing consumption).

View More what is the meaning Bunker surcharge in maritime law and shipping law?