Global VLSFO prices have dropped significantly over the past two weeks. Image Credit: Ship & Bunker
Bunker fuel prices dropped at ports around the world on Tuesday, with global average VLSFO prices sinking to the lowest level in three and a half years.
Ship & Bunker's G20-VLSFO Index of prices across 20 leading bunkering ports lost $8.50/mt to $565/mt on Tuesday, reaching its lowest level since August 2021.
The G20-HSFO Index dropped by $11.50/mt to $496.50/mt, while the G20-MGO Index sank by $11/mt to $760.50/mt.
ICE Brent crude futures dropped by $0.58/bl to $71.04/bl on Tuesday.
VLSFO prices at the top four ports followed a negative trend. At Singapore prices fell by $14/mt to $516/mt, at Rotterdam they lost $10.50/mt to $507/mt, at Fujairah they declined by $14.50/mt to $519.50/mt, and at Houston they sank by $6/mt to $530.50/mt.
On Tuesday morning Brent futures were trading up by $0.03/bl from the previous session's close at $71.07/bl as of 7:06 AM in London. In metric tonne terms that would be equivalent to a $0.23/mt rise on the day in bunker prices.
