World News
Euronav Changes VLSFO Stockpile Strategy Again
Tanker owner Euronav has resumed drawing down the stocks of VLSFO it built up last year at higher prices, the company said Thursday.
The firm now holds a stockpile of about 200,000 mt of VLSFO on board its ULCC the Oceania, it said in a quarterly earnings release, down from 275,000 mt three months ago. The stockpile was worth about $14 million less than the company paid for it as of September 30, compared with a loss of $32 million in the second-quarter earnings statement.
"We are very hopeful that between now and the end of the year, whatever we have on board the vessel will be at market price," Hugo De Stoop, CEO of Euronav, said in Thursday's statement.
"And obviously, then the volume can dramatically go down."
On the day of the firm's second-quarter earnings release in August, De Stoop said the company was then buying about 20% more than its fuel consumption needs, in order to bring the average value of its stockpile closer to the current market price.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 6.50 | 680.00 | 10.50 |
| Rotterdam | 514.00 | 2.50 | 676.00 | 7.50 |
| Houston | 547.50 | 0.00 | 671.50 | 1.50 |
| Fujairah | 561.00 | 0.50 | 751.00 | 1.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 759.00 | 0.00 |
| Global 4 Ports Average | 548.00 | 2.00 | 694.50 | 5.00 |
| Global Average Bunker Price | 633.50 | 1.00 | 798.50 | 0.50 |
Popular Now More
-
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 20The ISO 6853:2024 specifications, the first of their kind, cover the general requirements and properties for methanol specifically being used as marine fuel. -
Nov 20The new hire had previously worked as a bunker and lubricant trader for sister company Glander International Bunkering in Dubai.