The Greek ferry sector is being squeezed by soaring fuel costs, with the price of its main marine fuel, Marine Gas Oil (MGO), rising by 97.6% in less than seven months and significantly increasing the operating cost of ferry services.
According to executives in the ferry market, marine fuel currently accounts for around 55% of a vessel’s operating costs, while state compensation for mandatory discounts on ferry tickets and advance fuel purchases provide only partial protection against the continued rise in energy costs.
Geopolitical tensions
Geopolitical tensions in the Gulf, including the shutdown of the pipeline at Yanbu, the “freezing” of tanker transits through the Strait of Hormuz and the US blockade of at least 102 tankers bound for Iranian ports, have restricted energy flows, pushing up prices.
According to data from ferry industry executives, the price of MGO stood at €1,300 per tonne on September 9, 2026, compared with €993 on June 1 and just €658 on February 24. The conflict in the Gulf began on February 28.
This represents an increase of 30.9% in three months, from June to September, while compared with February the rise has reached 97.6%. In effect, the cost of the fuel has almost doubled in seven months.
Costs soar
The impact becomes even more apparent when translated into the actual cost of a ferry service.
A passenger vessel operating on the Piraeus-Rhodes route consumes around 160 tonnes of fuel on a round trip. At an MGO price of €658 per tonne, fuel costs stood at around €105,280 per round trip in February. By June, the cost had risen to €158,880, while at September 9 prices it has now reached €208,000. In other words, fuel alone makes a round trip between Piraeus and Rhodes around €102,720 more expensive today than in February.
A similar picture is seen in the Cyclades. On the Piraeus-Syros-Tinos-Mykonos route, where a vessel consumes around 30 tonnes of fuel per round trip, the cost rose from €19,740 in February to €29,790 in June and has now reached €39,000. The additional cost over seven months amounts to €19,260 per round trip.
The absolute cost is even higher on the Piraeus-Paros-Naxos-Santorini route. With fuel consumption of around 75 tonnes per round trip, fuel costs rose from €49,350 in February to €74,475 in June and have now reached €97,500. This represents an additional cost of €48,150 per round trip compared with February.
Partial protection
Sources in the ferry sector told Naftemporiki that compensation paid by the state for mandatory discounts for specific social groups can cover part of the additional operating costs, but not over an extended period.
They stressed that this coverage is sufficient until around May and does not offset the pressure from a prolonged period of high fuel prices.
Advance purchases of marine fuel, a practice used mainly by the larger companies, also provide some protection.
However, they cannot lock in costs for all routes and for the entire year, meaning that an increasing share of fuel consumption is exposed to higher prevailing prices.
MGO prices track the diesel and gasoil markets, where supply has been significantly constrained. The crisis in the Strait of Hormuz has reduced flows of crude and refined products from the Persian Gulf, while attacks on Russian refineries have further restricted global supply.
Source: Naftemporiki