Greek ferry sector faces rising costs from soaring fuel prices

The Greek ferry sector is facing significant financial pressure due to a sharp rise in Marine Gas Oil (MGO) prices. The cost of this primary marine fuel has increased by 97.6% in less than seven months, nearly doubling since February.

Industry executives report that fuel now accounts for approximately 55% of a vessel’s operating costs. While state compensation for mandatory ticket discounts and advance fuel purchases exists, it offers only partial protection against the rising energy expenses.

The price surge is attributed to geopolitical tensions in the Gulf, including the shutdown of the Yanbu pipeline, restricted tanker transits through the Strait of Hormuz, and a US blockade of tankers bound for Iranian ports. These factors have restricted energy flows and driven prices upward. For example, MGO prices rose from €658 per tonne in February to €1,300 per tonne by September 9, 2026.

The impact on specific routes is substantial. On the Piraeus-Rhodes route, fuel costs for a single round trip rose from approximately €105,280 in February to €208,000 in September. Similar cost increases are being observed in the Cyclades region.