BANGKOK (AP) — The global maritime industry is facing a looming shortage of the fuel that powers ships as the Iran war chokes off a key shipping lane in the Strait of Hormuz. About 80% of globally traded goods are transported by sea. Ship operators rely on a sludgelike substance known as bunker fuel to move those goods. The world’s largest ship refueling hub is Southeast Asia, which places the region at the center of growing concerns as prices skyrocket. Experts say consumers and companies should brace for price spikes to shipping costs and impacts to bottom lines. Interest in “green” fuels could grow.
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