World News
Euronav Starts Switch to VLSFO
Euronav has started to supply IMO2020 grade VLSFO bunkers to its vessels, just over two months ahead of the new 0.50% sulfur cap on marine fuel.
As reported last month, the major tanker owner has purchased 420,000 metric tonnes of compliant fuel that is being stored off-Singapore on its 3 million barrel capacity ULCC, Oceania.
"We have already begun to deploy this fuel on to our fleet and in preparation of January 2020," Brian Gallagher, Euronav’s head of investor relations, said during the firm's latest earnings call.
Euronav also says it has completed the clearing of some vessels' fuel systems ahead of IMO2020 and is moving forward with preparations for the rest of its fleet of 72 vessels that burn some 1 million tonnes of fuel annually.
“We are looking to do this in a fairly quick scale over a period between now and Christmas with the least disruption as possible,” Gallagher told Reuters.
“We are prepared.”
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 556.00 | 9.50 | 674.00 | 4.50 |
| Rotterdam | 507.00 | 5.00 | 663.50 | 12.50 |
| Houston | 549.50 | 2.50 | 677.00 | 5.00 |
| Fujairah | 548.50 | 7.00 | 748.50 | 4.50 |
| Global 20 Ports Average | 580.00 | 3.50 | 761.00 | 1.50 |
| Global 4 Ports Average | 540.00 | 6.50 | 691.00 | 6.50 |
| Global Average Bunker Price | 625.50 | 7.00 | 809.50 | 1.50 |
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