Singapores Bunker Prices Plunge

zoom The worlds biggest bunkering port Singapore has recorded a major fall in prices of heavy fuel oil closing in on ten-year lows from 2015. The nosedive in marine fuel prices follows suit of dwindling oil prices that stand at below $40 per barrel. Namely, Singapore 380 cst bunker fuel stood at $209 per metric tonne (pmt) on Monday, according to data provided by Reuters. However, a slightly different assessment shows that IFO380 prices fell to USD 212 per metric tonne on Monday marking a USD 40 week-on-week, based on Ship Bunker bunker prices. As informed, the prices fell by 64% plunging to $375.5 pmt from $587.5 pmt from a year ago. What is more, there are no signs of recovery, therefore, a further fall cannot be ruled out. The drop follows suit of Chinese equity downturn on Monday, which posted a 9% fall, Reuters reports. The fall in marine fuel prices can be seen as good news for shipowners, as lower bunker prices mean lower operating costs. World Maritime News Staff