World News
Maersk Halted Russian-Origin Bunker Purchases in February
Container shipping giant AP Moller-Maersk, one of the world's largest buyers of bunker fuel. stopped all purchases of Russian-origin oil at the end of February in response to the invasion of Ukraine.
The firm stopped Russian bunker purchases worldwide at the same time as halting vessel calls at Russian ports, CEO Soren Skou said at the company's AGM earlier this month.
"Russia has for many years been a large and important market for AP Moller-Maersk," he told shareholders at the event.
"On Monday 28 February we decided to stop all new bookings except food and medications to and from Russia, and at the same time we also globally stopped buying Russian oil for our ships.
"It is possible that we will not go back to doing business in Russia for many years, but it is a price we both can, and are willing to, pay."
A wide range of shipping and bunker firms have now said they will no longer participate in fuel deals at Russian ports. But the industry is struggling with the problem of how to stop dealing in Russian-origin bunkers, when this oil takes up a large share of the global market.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 648.00 | 2.00 | 808.00 | 10.00 |
| Rotterdam | 613.50 | 4.50 | 792.00 | 21.50 |
| Houston | 646.00 | 3.00 | 851.00 | 13.50 |
| Fujairah | 647.50 | 1.50 | 900.00 | 0.50 |
| Global 20 Ports Average | 672.50 | 0.50 | 896.50 | 0.50 |
| Global 4 Ports Average | 638.50 | 2.00 | 838.00 | 4.00 |
| Global Average Bunker Price | 727.00 | 2.00 | 943.00 | 2.00 |
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