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.