Singapore VLSFO Price Jumps to 10-Week High
Tuesday June 2, 2020
Bunker prices are climbing again in Singapore. File Image / Pixabay
The price of very low sulfur fuel oil (VLSFO) in Singapore, the world's largest bunkering hub, jumped to a 10-week high at the start of the month on signs of improving demand.
The VLSFO price in Singapore surged by $28.50/mt to $293/mt Monday, according to Ship & Bunker pricing, the most since March 20.
The price advanced by $25.50/mt in May, its first monthly gain since December, with early signs of shipping activity increasing again as COVID-19 lockdown measures are eased.
But even after Monday's surge, the price remains at less than half the level of $734/mt where it started the year in the middle of the IMO 2020 spike.