Global VLSFO prices have dropped precipitously over the past month. Image Credit: Ship & Bunker
Bunker fuel prices sank at most ports on Tuesday, with global average VLSFO prices dropping to the lowest level in more than 10 months as crude futures slumped.
Ship & Bunker's G20-VLSFO Index of prices across 20 leading bunkering ports fell by $9/mt to $606.50/mt on Tuesday, reaching the lowest level since July 24. The G20-HSFO Index dropped by $7/mt to $528/mt, while the G20-MGO Index slipped by $6.50/mt to $788.50/mt.
ICE Brent crude futures fell by $0.84/bl to $77.52/bl on Tuesday.
VLSFO prices at the top ports followed a negative trend. At Singapore prices fell by $11.50/mt to $587.50/mt, at Rotterdam they dropped by $14.50/mt to $534/mt, at Fujairah they declined by $10/mt to $586/mt, and at Houston they sank by $11/mt to $568.50/mt.
On Wednesday morning Brent futures were trading down by $0.02/bl from the previous session's close at $77.52/bl as of 6:13 AM in London. In metric tonne terms that would be equivalent to a $0.15/mt fall in bunker prices.
