Bunker fuel is the main cost driver in shipping, accounting for sometimes more than 50% of the costs. The absence of standardized futures contracts for bunker fuel forces hedgers to seek other approaches. Correlation being one of the main drivers for determining a hedge's success, tailor-made forward contracts seem an obvious choice. They however bear high transaction costs. As correlation between oil futures contracts and bunker fuel spots has increased significantly over the past years, their comparably lower transaction costs may make them a better hedging choice. We study the development of hedging performance over the past 20 years.