World News
Bunker Firm CEO: Consolidation on the Rise
The number of players in the bunker industry is poised to decline, Christoffer Berg Lassen, CEO of Glander International Bunkering (Glander), told industry news site Maritime CEO.
"The bunkering market is set for consolidation and only a few of the big names in the industry with deep pockets will remain in service," he said.
"Stakeholders must understand this fact and should only deal with major players."
Glander itself was the produce of consolidation, formed last year with International Bunkering's acquisition of Glander International.
It is based in Dubai with offices in Mumbai, Florida, and Singapore.
Lassen also said sanctions against Russia are slowing the development of liquefied natural gas (LNG) for marine fuel by forcing suppliers to source gas from Qatar.
"This might result in a higher price for LNG, which will make it uneconomical," he said.
"The world might still have to use petroleum products for a period of time."
Glander announced the expansion of its Singapore operations with a new hire last week.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 523.00 | 7.50 | 685.00 | 7.50 |
| Rotterdam | 518.50 | 2.00 | 728.00 | 5.00 |
| Houston | 496.50 | 0.50 | 701.50 | 1.50 |
| Fujairah | 516.50 | 5.50 | 732.50 | 1.50 |
| Global 20 Ports Average | 554.00 | 3.50 | 779.00 | 6.50 |
| Global 4 Ports Average | 513.50 | 4.00 | 712.00 | 1.00 |
| Global Average Bunker Price | 590.50 | 4.50 | 820.00 | 4.00 |
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