World News
Bunker Prices in Major Ports Double in 9 Months
The cost of bunkers at major ports has doubled over the last nine months, according to Ship & Bunker data.
Specifically, Ship & Bunker's Global 20 Ports Average for VLSFO hit a low of $210/mt on April 28, 2020.
On December 30, 2020 the VLSFO average was $422/mt.
While the current cost is still much lower than the $700/mt+ it was at the start of the year, it nevertheless represents a sharp rise in fuel costs for owners and operators.
MGO has shown a similar sharp increase in cost, with the G20 index hitting a low for the year of $268.50/mt on April 28 and indicating an average price of $475.50/mt on December 30.
Overall this year, bunker costs have been lower in 2020 than they were in 2019 - a dynamic that was certainly not expected prior to the impact of the COVID pandemic.
With respected analysts including Goldman now predicting Brent will average $65/bbl next year, it suggests 2021 could well see bunker costs jump even higher next year and mark the return of $600/mt+ bunkers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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