Asia/Pacific News
COVID Lockdown Easing Drives Hong Kong Bunkers to Premium to Singapore
Increased bunker demand in Hong Kong following the government's easing of COVID-19-related restrictions on marine fuel sales have driven the city's bunker prices to a premium to Singapore.
VLSFO delivered in Hong Kong was at a $55/mt premium to Singapore on Wednesday, according to Ship & Bunker prices, up from a $5.50/mt premium a month earlier. In the first quarter Hong Kong's price was on average $6.50/mt lower than Singapore's.
Hong Kong liberalised its COVID-19 restrictions on visiting ships on April 1. Ships having called at ports within Hong Kong's list of high-risk countries where COVID-19 infections are widespread previously had to quarantine for 14 days upon their arrival, making bunker-only calls impossible in practice, and this restriction was lifted last month.
Hong Kong saw a sharp decline in bunker sales when it first imposed the quarantine regulations in the summer of 2020.
