VLSFO prices, already at record highs in their own terms, have surged further this week. Image Credit: Ship & Bunker
Surging crude markets after Russia's invasion of Ukraine this week have sent global average VLSFO prices above the record high for HSFO set more than a decade ago.
The average VLSFO price across Singapore, Rotterdam, Fujairah and Houston jumped by $20/mt to $758.50/mt on Thursday, according to Ship & Bunker's G4 index. VLSFO prices have been at record highs in their own terms for more than a month now, but the highs reached this week have now surpassed the historical all-time high for HSFO as well.
The record HSFO high back when that was the dominant bunker fuel was $739.25/mt averaged across the top four ports in the summer of 2008, maritime news provider Splash 247 reported this week.
This week's surge in bunker prices has come as a result of Russia's invasion of Ukraine, with analysts raising concerns over sanctions potentially cutting off Russian energy exports, as well as possible disruptions to supply from the conflict itself.
