13.2 C
Hamburg
Wednesday, August 5, 2020
Home Freight News Bunker costs stall amid market uncertainty (Daily bunker index – 3 Feb.)

Bunker costs stall amid market uncertainty (Daily bunker index – 3 Feb.)

A variety of market concerns have led to a slow down in the convergence of the price between VLSFO and HFO according to market commentators.

The extension of the Lunar New Year to 14 February along with, albeit reduced, trade tensions between the US and China and the concerns over the growing difficulties with the coronavirus outbreak in China are leading to a slowing of trade in general and the decline in bunker prices overall.

In all three major bunkering regions, North America, North Europe and Asia the cost of HFO, VLSFO and the distillate fuel MGO has declined with the expectation of further price decreases to come.

HFO is the most stable in price with declines ranging from US5/tonne in Northern Europe to US$2.50 in North America. While Southern Europe, Central America and South America showed modest gains of US$0.50, US$1.00 and US$1.50 respectively.

VLSFO has had a mixed day with declines of US$15.00 and US$9.66 in South Europe and Asia & Oceania respectively, but also an increase of US$12.00 in Central America.

Whereas MGO has seen steep declines in both North and South Europe of US$13.00 and US$13.75 while only South America registered a modest increase of US$1.50.

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

New York/New Jersey battens down the hatches for Tropical Storm Isaias

The main container terminals in the port of New York and New Jersey have battened down the hatches to prepare for the imminent arrival...

Updated: Massive explosion rips through the Port of Beirut

An explosion at the port of Beirut in Lebanon has caused carnage in the country’s capital. The blast occurred after what appeared to be...

Hapag-Lloyd raises THCs

German carrier Hapag-Lloyd has announced new terminal charges that will apply to cargo shipped between Europe and the US. From 1 September terminal handling...

Rate recovery and falling fuel costs helps ONE to Q1 profit

Falling revenues failed to halt soaring profits at Ocean Network Express (ONE) as the Singapore-based carrier recorded net profits of US$167 million, in the...

FMC monitors lines as SCFI breaks US$3,000 bar

Aggressive capacity management by carriers, currently being monitored by the Federal Maritime Commission (FMC), has pushed the US west coast Shanghai Containerized Freight Index...