The world’s biggest bunkering port Singapore has recorded a major fall in prices of heavy fuel oil closing in on ten-year lows from 2015.
The nosedive in marine fuel prices follows suit of dwindling oil prices that stand at below $40 per barrel.
Namely, Singapore 380 cst bunker fuel stood at $209 per metric tonne (pmt) on Monday, according to data provided by Reuters.
However, a slightly different assessment shows that IFO380 prices fell to USD 212 per metric tonne on Monday marking a USD 40 week-on-week, based on Ship & Bunker bunker prices. As informed, the prices fell by 64% plunging to $375.5 pmt from $587.5 pmt from a year ago.
What is more, there are no signs of recovery, therefore, a further fall cannot be ruled out.
The drop follows suit of Chinese equity downturn on Monday, which posted a 9% fall, Reuters reports.
The fall in marine fuel prices can be seen as good news for shipowners, as lower bunker prices mean lower operating costs.
World Maritime News Staff