Rotterdam's VLSFO prices are at record highs. File Image / Pixabay
VLSFO prices at Rotterdam have jumped above $600/mt for the first time, beating the record level set in the days immediately following the IMO 2020 change at the start of last year.
VLSFO delivered at Rotterdam gained $10/mt to $606/mt on Friday, according to Ship & Bunker pricing, the highest level since the price indication was launched. The previous high was $598/mt, reached on January 6, 2020 as the abnormal market conditions of the IMO 2020 transition allowed for steep trading margins on concerns over the supply of the then new fuels.
VLSFO prices at the Dutch hub have now more than quadrupled since the low of $149.50/mt reached last April as COVID-19 concerns and OPEC disagreements led to a crude-price crash.