World News
Singapore's ONE Bunker Consumption Up 9% on Red Sea Diversions
Singapore-based shipping company Ocean Network Express (ONE) reported a 9% year-on-year increase in bunker fuel consumption in 2024, with its fleet using about 3.76 million mt, up from 3.45 million mt in 2023.
The rise in consumption was attributed to vessels rerouting around the Cape of Good Hope to avoid the Red Sea attacks, according to the company's 2024 financial results.
ONE's average bunker fuel price in 2024 stood at $570/mt, down from $592/mt in 2023 - a decline of $22/mt.
The company posted a net profit of $4.2 billion for the fiscal year 2024, more than tripling the $940 million recorded in the previous year.
However, ONE has issued a cautious outlook for 2025, forecasting net profit in the range of $250 million to $1.1 billion.
The firm cited persistent tariff issues, weakening cargo volumes on certain trade routes, and a broader decline in freight rates driven by economic uncertainty and geopolitical instability.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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