World News
Oldendorff Buys Record Volume of Bunkers in 2017
Oldendorff Carriers last year bought a record quantity of bunkers, with total bunker purchases for 2017 amounting to 3.5 million tonnes.
The volume represents bunkers delivered to Oldendorff owned and TC fleet only, which for 2017 varied between 600 and 700 vessels.
"This is a 30% increase over the 2.7 million tonnes of bunkers purchased by the company in 2016," Jens Maul Jorgensen, Director Bunkers, told Ship & Bunker.
The volume comprised 6,232 bunker deliveries, and while seven markets accounted for the 80% of the volume, just over a third of the total volume was lifted in Singapore.
The top bunkering locations where:
- Singapore - 1,250,374 mt
- Russia - 553,328 mt
- China - 373,532 mt
- United Arab Emirates - 181,625 mt
- Gibraltar - 178,603 mt
- ARA - 154,177 mt
- SAF - 106,691 mt
Following the 2014 collapse of O.W. Bunker there has been plenty of talk about buyers wanting to go as direct as possible for their bunker purchases, cutting out traders and brokers where possible.
Jorgensen says Oldendorff are direct with 95% of all its physical suppliers.
Last year was also a tricky year for bunker buying with rising crude prices seeing bunkers end 2017 on a three-year high.
"In 2017 prices were on a small rollercoaster ride," said Jorgensen.
Ship & Bunker's Global 4 Ports Average for IFO380, the linear average of prices in Singapore, Rotterdam, Fujairah, and Houston, hit a low of $280/mt in March 2017, and started 2018 at $375/mt.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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