Bunker prices reported by Ship & Bunker showed the price for VLSFO moving up to $1,001 per tonne on Wednesday morning in the world’s largest bunkering port Singapore. The price in Singapore was up $20 on the previous day, as prices increased across the board in top refuelling ports.
The price for VLSFO in Fujairah moved up to $1,024 per tonne on Wednesday morning having crossed the $1,000 per tonne level the day before.
According to Ship & Bunker the average price for VLSFO in the global top 20 bunker ports was up $24.50 at $987 per tonne.
Further price increases came as US President Joe Biden announced the banning of imports of Russian oil and gas. Russia is the world’s third largest oil producer after the US and Saudi Arabia, and the largest exporter of oil to global markets, according to the IEA.
The spread between HFO and VLSFO continued to widen with the average HFO price at the top 20 bunker ports up $9.50 at $724 per tonne. This represents a cost saving of $263 per tonne for scrubber-fitted vessels.
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