The steep dive in the bunker fuel price for the Port of Durban has steadied after it fell from $520 early last week to $228 on Friday before settling at $220 yesterday.
Earlier this afternoon Cockett Marine Oil reported that the bunker price had stuck it out at the same level – $220.
Yesterday S&P Global reported that “key marine fuel markets along North America's east and west coasts opened the week under strong pressure, joining nearly all other downstream segments that were sent reeling by Saudi Arabia's latest market share play”.
And whereas word from shipping lines is that they are ready to restore container volumes, after boxes were held back and blank sailings spiked as China’s manufacturing sector took a knock from the coronavirus (Covid-19), the situation is still too volatile to hope for any expedited recovery from Covid-19.
If stock selling at exchanges across the globe is anything to go by, with selling going through the roof from Wall Street to the FTSE and the JSE, panic fever from Covid-19 could remain high among investors for some time. – Eugene Goddard
