Marking their third successive increase, global VLSFO bunker fuel prices took an uphill course on Monday saturating ports worldwide. Pioneering bunkering ports witnessed a surge in Ship & Bunker’s G20-VLSFO Index prices, an appreciable ascend of $2.50/mt to a robust $598.50/mt. What’s noteworthy is that these rates mirror the peak that was reached previously on June 26.
The Rising Sequel of Indices
Parallel to this, the G20-HSFO Index also experienced a significant jump of $9/mt, reaching the $500/mt threshold. In the same vein, the G20-MGO Index demonstrated progress, with an increase of $3/mt, positioning it to a sturdy $776/mt. Ironically, amidst this, the ICE Brent crude futures experienced an offset, with a downfall of $0.76/bl to $74.65/bl on Monday.
The Global Pier: Prices Float Across Ports
Looking closer, various individual ports also faced soaring bunker fuel prices. Singapore followed the trend, with an increment of $1/mt escalating prices to $595/mt. Rotterdam outshone with a sharp rise of $12.50/mt, pushing prices to $550/mt. Fujairah port experienced a hike of $5/mt, advancing to $584/mt, and lastly, Houston’s prices traced an increment of $2.50/mt, pegging at $523/mt.
Basking in the Rising Sun: Tuesday’s Trade
Fast-forward to Tuesday, Brent crude futures shared a different scenario altogether. With a morning ascent of $0.43/bl, they were seen to have landed at the mark of $75.08/bl, as per the 9:31 AM update from London’s trading platform. Interpreting this in metric tonne terms, it suggests a rise equivalent to a hopeful $3.24/mt in bunker prices.
In conclusion, the sudden surge in bunker fuel prices, notably VLSFO, across ports worldwide commands attention. It promises intriguing developments in the global fuel market and forges implications not just for major ports but the subsequent shipping activities riding on these turbulent waters as well. As the Brent crude futures recover, the resultant shifts in bunker prices continue to offer a compelling, dynamic tale for industry predictors and participants alike.
