World News
Clarkson Adjusts Shipping Rates as Fuel Costs Rise
Shipping services company Clarkson Plc. (Clarkson) has reorganized its shipping rates to reflect changes including higher costs for shifting to fuel with lower sulfur content in Emission Control Areas (ECAs), Bloomberg reports.
The firm stopped publishing rates for oil tankers built in 1990 and started issuing data for ships built three years ago, while also adjusting routes for oil-product tankers.
“We are factoring in the additional bunker cost which owners trading into Europe and the U.S. are faced with, at a time when higher bunker prices are at the forefront of everyone’s minds,” said Clarkson analyst Calum Kennedy.
“This reduces earnings, as one might expect.”
The ClarkSea Index, which reflects industry-wide earnings, averaged $11,975 since the start of 2009 under the new methodology, which is 3.1 percent less than under the old system.
Clarkson predicted in December that shipping capacity would grow faster than volumes in 2013, keeping pressure on shipping rates.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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