Americas News
70-Strong Queue of Bulkers Forms off Brazil on Sugar Market Turmoil
A large flotilla of dry bulk vessels has formed off the coast of Brazil because of turmoil in the global sugar market, according to news agency Reuters.
As many as 70 ships are queuing off the coast of Santos, Reuters reported Thursday, having come to Brazil to take advantage of a strong harvest there amid weaker output in India and Thailand.
The development is likely to boost bunker demand in the area, as well as bringing congestion to some terminals.
The typical wait time for vessels loading sugar cargoes has risen to 29 days currently from four or five days last year, Reuters reported, citing data from Brazilian ship agency Williams.
Further delays may be caused by the COVID-19 pandemic on top of this.
Very low sulfur fuel oil prices at Santos gained $48/mt to $307/mt in the week to Monday, according to Ship & Bunker pricing, compared with a $32.50/mt rise over the same period for the G20 Index of average prices at 20 leading bunker ports.
