In Singapore and Fujairah, price zoomed to $904/mt and $918/mt, respectively.
Bunker rate up 20% in 1 month, freight rates showing mixed trend
The #RussiaUkraineConflict is severely impacting container carriers on the fuel front- the average cost of VLFSO has increased to $885/mt from $740/mt on February 3, 2022 - an increase of 20 percent - according to data from Ship & Bunker.
In Singapore and Fujairah, the price zoomed above $900/mt to $904/mt and $918/mt, respectively.
Container shipping expert Lars Jensen had this to say about the fuel price increase: "The container carriers use some 60 million tons of fuel per year. This means the total fuel cost has increased by $37 million per day. Looking at the global volumes, this equals $80/TEU - more for longer trades, less for shorter trades. Hence substantial Bunker Adjustment Factor (BAF) increases are coming."
