Bunker fuel prices peaked due to war in Ukraine
The cost of marine fuel amid the Russian military aggression in Ukraine has risen to a record level around the world.
Prices rose to above the $1,000/tonne threshold, Fleetmon said.
Bunker fuel prices generally follow those of crude oil. Thus, during the war in Ukraine, Brent oil prices reached $129/bbl, and West Texas Intermediate – $125.75/bbl.
The price gap between very-low sulphur fuel oil (VLSFO) and high-sulphur fuel oil (HSFO) has also widened significantly. This means that shipowners who have switched to scrubbers instead of low-sulphur fuels are now making a decent profit.