Average VLSFO Bunker Price Rises 46% in 2021, VLSFO/HSFO Spread Widens 92%

by Ship & Bunker News Team
Monday January 3, 2022

The daily average price for VLSFO at major ports rose 46% in 2021 compare to 2020, data from Ship & Bunker shows.

Price data from Ship & Bunker's G20 index, which tracks the average bunker price at 20 leading ports responsible for a large proportion of global bunker sales, shows the average VLSFO price during 2021 at major ports was $544/mt, up from $374 in 2020.

With buyers in 2020 having to contend with the introduction of the IMO 2020 rule followed by an oil price collapse, volatility in 2021 was unsurprisingly lower with VLSFO prices ranging from $421/mt to $641.50/mt (a spread of $220.50) compared to 2020's range of $210/mt to $694/mt (a spread of $484).

HSFO prices rose 53% last year, from an average of $282/mt in 2020 to $433/mt in 2021.

The good news for owners of scrubber equipped tonnage is that the VLSFO / HSFO spread ended the year at a 2021 high of $153, having started the year at a 2021 low of $79.5 - an increase of 92%.

The average VLSFO / HSFO spread in 2021 was $112, compared to $92 in 2020.