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Global bunker prices doubled in 2016

Global bunker fuel prices have approximately doubled over the course of 2016, rising from below $200 per metric tonne (pmt) to well over $300 pmt.

Marine fuel prices across the globe’s four major bunkering ports – Singapore, Rotterdam, Fujairah and Houston – climbed steadily and doubled over the past 12 months, according to data from Ship & Bunker.

Singapore, the world’s largest bunkering port by sales volume, saw key grade 380 cst bunker prices rose to $346 pmt on 30 December 2016, representing an increase of 85.6% from $186.50 pmt recorded on 4 January 2016, Ship & Bunker data showed. The last time that Singapore 380 cst price dipped below $200 pmt was on 31 December 2008 when it was indicated at $198 pmt, according to data obtained by Seatrade Maritime News.

During the same 12-month period, Rotterdam 380 cst bunker fuel prices more than doubled to $310.50 pmt from $142 pmt. Houston 380 cst prices also surged by 112.9% to $313.50 pmt at the close of the year from $147.50 pmt at the beginning.

Fujairah port in the Middle East posted a 99.4% jump in 380 cst prices to $337.50 pmt from $169.50 pmt over the same period.

Sales volume for 380 cst bunker fuel across the four main bunkering ports account for around 25% of global volumes.

Crude oil prices, meanwhile, made more humble gains compared to bunker fuel, but nonetheless considerable spike, as they rose 56% over 2016, having ended at $56.82 per barrel on 30 December 2016 compared to $36.42 per barrel on 5 January 2016.

The oil supply landscape has pointed to firmer prices after oil cartel Opec agreed to cut production output by 1.2m barrels per day starting 2017 in order to lift oil prices, while non-Opec producers also agreed to reduce output by 558,000 barrels per day to help deflate the supply glut.

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