Prices for IMO 2020 fuels skyrocket
With IMO 2020 now in effect, fuel prices for low sulphur fuel have soared, shooting up almost 50% in major bunker ports like Singapore. Prices for heavy fuel oil, on the other hand, have remained fairly stable and companies that have invested in scrubbers will feel validated in their choice.
In two of the most prominent bunker ports on the eastern hemisphere prices for 0.5% fuel oil went up around 50%. In Singapore, a tonne of very low sulphur fuel (VLSFO) today costs USD 724.50 compared to roughly USD 550 at the beginning of December, data from Ship&Bunker shows. In Fujairah, prices increased even more from USD 570 on December 3rd to USD 777.50 today.
In comparison, the price hikes in major Western ports have been slightly slower-paced. At the beginning of December, a tonne of VLSFO cost just shy of 500 dollars in Rotterdam versus USD 593.50 now. In Houston, prices rose from USD 578 to USD 661.50.
Prices for heavy fule oil have remained fairly stable over the past months, varying from just under USD 300 to USD 370, depending on the bunker port.
Fuel prices take a massive nosedive
Fuel prices have taken a massive nosedive since the beginning of the year with low sulphur fuel prices in Singapore dropping from USD 734 per tonne on January 1st to USD 415 per tonne today. The price drop comes at a good time as the transport and logistics industry is struggling with low demand as… Read more ›
Zeamarine closes offices in Denmark
Zeamarine is closing its operations in Denmark. The Danish subsidiary has filed for bankruptcy resulting in the closure of two offices and 23 employees being sent home, confirms local liquidator Hafnia Law. The German breakbulk carrier has two offices in Denmark, one in Naevsted and one in Aarhus, but both offices have now been closed… Read more ›
Manager loses contact with general cargo vessel after pirate attack
Chinese vessel manager Tianjin Xinhai International Ship Management has lost contact with its general cargo vessel Huanghai Glory after the vessel sent a piracy alert using its Ship Security Alert System (SSAS). An unknown number of pirates are believed to have boarded the vessel, which is currently drifting off the coast of Nigeria. The vessel’s… Read more ›