Are Global Tuna Fleets On The Verge Of Pausing Fishing Activities?

Oil prices have risen rapidly, and with them, the costs for tuna vessels’ Marine Gas Oil (MGO) due to the Middle East war and blockade of crude via the Strait of Hormuz. Indian Ocean boat owners are considering whether to pause their seiners operations because of the high fuel costs that make it unprofitable to go fishing.

On March 16, Atuna reported that MGO prices skyrocketed and surpassed the levels of early 2022 after the Russian-Ukrainian war broke out. Singapore Marine Gas Oil (MGO) currently stands at USD 1,784 per ton, while it was around USD 700 at the end of February.

Atuna observed on vessel tracking sites that there are more boats than normal in and near some Western Central Pacific Ocean ports. There is no confirmation of boats that have stopped due to high fuel costs, but that might not be unthinkable.

Atuna asks its readers how likely it is that tuna vessels will pause their fishing activities due to rapidly rising fuel costs, which have not been offset by a higher tuna price per ton.

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