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

Posted on August 25, 2015 with tags .

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 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 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >