Shipping fuel has fallen to its lowest level this year after bunker prices for very low sulphur fuel (VLSF) oil dropped below $600 per tonne at several primary hubs – Singapore, Rotterdam, Hong Kong and Fujairah in the United Arab Emirates.
Current data out east puts the price for VLSF at about $581 since Wednesday.
The year-low price for VLSF means the shipping industry’s preferred fuel, in keeping with environmental guidance by the International Maritime Organization, has decreased by almost 42% since bunker prices topped $1 000 per tonne in June.
Furthermore, it is anticipated that the price of shipping fuel will decrease even more into the following week.
Singapore shipping portal Splash247 reports that “the price differential between low and high content sulphur fuel remains strongly in favour of owners who have invested in scrubbers, standing at $248 yesterday in Singapore, the world’s largest bunkering hub”.
