Bunker Fuel Prices Rise

Spot prices for high and low sulfur bunker fuel increased in the week ending June 14, according to daily Bunkervision price data via international marine fuel oil broker LQM Petroleum Services. High sulfur bunker rates rose 1.1 percent after four consecutive weeks of declines.

　　The average price for high sulfur bunker fuel in Rotterdam, a global indicator of bunker prices, was $589.40 per metric ton last week, up $6.50 from the week before. One metric ton is equivalent to about 6.4 barrels or 300 gallons. During the previous four weeks, high sulfur bunker fuel prices fell 2.4 percent or $14.60. The average spot price is now 1.2 percent higher than the same week in 2012, but 1.1 percent or $6.35 lower than it was at the beginning of 2013.

　　Low sulfur spot prices averaged $616 per metric ton last week, up 1 percent or $6.10. This is the third straight week of slight, yet accelerating, increases in this fuel type. The current price is down 1 percent from the same week in 2012, the smallest year-over-year decline since October 2012, and is also down 1 percent or $5.38 from the first week of 2013.