Importers are starting to see some relief from higher shipping costs imposed during the Middle East conflict, with Bermuda International Shipping Ltd reducing its inland fuel surcharge and eliminating an emergency bunker surcharge introduced earlier this year.

The company confirmed that its emergency bunker surcharge of $150 per 20ft equivalent unit was reduced to zero as of July 1, following a quarterly review of fuel costs.

BISL has also lowered its inland fuel surcharge for shipments travelling more than 100 miles to port in the United States from 6 per cent to 5.25 per cent of the freight charge, according to its latest customer notice. The surcharge for inland points within 100 miles of the port remains at $80 per TEU.

Meyer Freight Ltd, BISL’s Bermuda agent, declined to comment but referred The Royal Gazette to the company's latest surcharge notices.

The reductions reverse measures introduced this spring as conflict in the Middle East sent marine fuel prices soaring.

In March, Bermuda’s three container shipping services — Bermuda International Shipping, Bermuda Container Line and Somers Isles Shipping — all imposed an emergency bunker surcharge of $150 per TEU after reporting a steep increase in marine fuel costs. BISL later introduced a separate inland fuel surcharge tied to diesel prices published by the US Energy Information Administration.

The latest reductions come as tensions persist in the Middle East and there is still uncertainty over shipping through the Strait of Hormuz. However, global oil prices have fallen from the highs seen during the height of the conflict, easing pressure on shipping companies.

BISL noted that its inland fuel surcharge is reviewed every two weeks using fuel price data published by the US Energy Information Administration and is subject to further adjustment as market conditions change.