IFO380 bunker prices across the four major bunkering hubs of Singapore, Fujairah, Rotterdam, and Houston have doubled over the last year, data from Ship & Bunker shows.
The average IFO380 price across the four ports, which collectively account for around 25 percent of global volumes, was $158/mt at the end of 2015 compared to $327/mt today, the last market day of 2016.
IFO380 bunker prices in 20 Primary ports responsible for a vast majority of global volumes, as tracked by Ship & Bunker's Global 20 Ports Average, rose 93 percent this year, having ended 2015 at $176/mt and a year later stands at an average of $340/mt.
Both indices also show bunker prices ended the year at the highest they have been in 2016.
The jump comes despite the underlying Brent crude price having risen just 52 percent over the year, having ended 2015 at 37.51/bbl ($282.45/mt) and closing today at $56.82/bbl ($428.08/mt).