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Cockett Marine Oil Sees 11-17% Global Bunker Demand Drop in 2020
Global bunker demand may have dropped by as much as 17% this year, according to marine fuels trading firm Cockett Marine Oil.
The company's internal estimates show a drop of 11-17% for 2020 as a whole, CEO Cem Saral said at the Petrospot Global Bunkering Summit Wednesday.
The drop is equivalent to a decline of 29-45 million mt from 2019's level.
"Overall supply-demand balances will likely remain in flux for the rest of the year," Saral said.
Demand levels may bottom out sometime in the third quarter, assuming a COVID-19 vaccine is rolled out by early next year and any further lockdowns remain limited in scope, Saral said.
That should leave demand growing next year, but not returning to pre-coronavirus levels before the middle of 2022, he added.
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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