Singapore’s Bunker Prices Plunge

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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

CWC World LNG & Gas Series: 10th Asia Pacific Summit

Bringing together the key LNG buyers and sellers from across the globe, the Summit provides…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >

Singapore International Bunkering Conference and Exhibition (SIBCON)

The 20th edition of the Singapore International Bunkering Conference and Exhibition (SIBCON) will be about inspiring change…

read more >