PUBLISHER: Splash247 (splash247.com)
Oil prices dropped 10% last week to levels not seen since Russia invaded Ukraine in February. In the bunker markets, this has been reflected by an ever greater margin in pricing between traditional fuels and LNG with the latter now on course to hit record highs soon, with many of today’s LNG dual-fuelled ships deciding not to take on gas.
For LNG bunkers in Rotterdam priced by Ship & Bunker on an energy equivalency of one metric ton of IFO380 bunkers, meaning HSFO, prices are currently hovering at $2,621 per ton, threatening to eclipse former records of $2,673 per ton set this March.
LNG bunker sales in Rotterdam plunged 43% lower in Q2 to just 63,000 cu m. Sales of the gas fuel had been on a steady rise for years through to the start of this year when the pricing gap with conventional fuels made them uneconomic.