Fuel demand around the world is recovering as lockdowns ease, according to MABUX with the World Bunker Index showing an uptrend in June for all major types of bunker fuel.
Prices have risen fairly evenly, demonstrating a gradual recovery in demand on the global fuel market. The 380 HSFO index rose from US$254/tonne to US$288/tonne, VLSFO from US$295/tonne to US$342/tonne and MGO from US$371/tonne to US$415/tonne.
The spread between 380 HSFOs and VLSFOs (the so-called Scrubber Spread [SS]) averaged US$48.95 in June, which shows a slight rise, "but it is still not enough to stimulate the process of scrubbers installation," said a MABUX spokesperson.
In the first half of the year world bunker indices showed a firm decline until the end of April, however, from May there has been a gradual stabilisation of the market, and world bunker prices have entered a phase of moderate upward trend.
Meantime, it is still difficult to justify significant upside in bunker prices in the near term due to the high levels of inventory, demand slow recovery and the fear over a severe second wave of Covid-19. All-in-all, it looks like global bunker market will continue to consolidate around current levels.
Meanwhile, the Italian marine fuel supplier Bunker Energy is seeking to expand in Italy after one of its affiliates merged with another barge operator, according to Ship & Bunker. In particular, barge operators Anapo and Rimorchiatoria have agreed to join forces and trade under the new name Maritime Bunkers, stated Bunker Energy.
