Average monthly marine gas oil prices

The EU fisheries and aquaculture sector was affected by rising energy prices in the course of 2021, and Russia’s invasion of Ukraine has led to a further escalation in energy costs. Marine gasoil prices are reaching peaks that are more than double compared to early 2021 (see Figure 1). Prices are exceeding €1 per litre in many EU countries, while, according to the sector, EU vessel operations are only profitable up to €0.60 per litre. Many EU fishermen are mooring their boats and warning of a shortage of fresh fish. Black Sea fisheries face direct impacts from the war, in particular for Romanian vessels that used to fish close to Ukrainian waters and are now advised to stay away from the conflict zone. Aquaculture and fish processing companies are also affected by increased energy costs, as well as by high logistic costs and trade disruption. Although import bans do not cover seafood from Russia (apart from caviar and shellfish products added in the fifth round of sanctions), trade flows are severely hampered, particularly affecting EU fish-processing companies that rely heavily on supplies of whitefish from Russia.