Global bunker prices continued to make large downward movements on Tuesday, with Ship & Bunker price data showing key ports continued to hit new lows for the year, as Brent fell below $100 a barrel for the first time since July 2012, Ship & Bunker reports.
Key port Singapore saw IFO380 fall for the forth consecutive market day, down $10.50 to hit another new low for the year of $601.50 per metric tonne (pmt). The product has now fallen $22.50 in the last week. Low sulfur 380 cSt product (LS380) was down $24.50 to its new low for the year of $645.50, and MGO was down $12.00 to a nine month low of $865.50 pmt.
The falling bunker prices in Asia were said to be keeping demand low on North America's West coast, and prices made double-digit drops across the entire Americas region.
Houston IFO380 moved down $10.00 to a nine month low of $586.50 pmt, and LS380 moved down $9.50 to $651.00, its lowest price in at least nine months. MGO slipped $13.00 to $956.50 pmt, the lowest price of the year, as well as the lowest since August last year.
Read more: http://shipandbunker.com/news/world/551143-daily-bunker-price-report-tuesday-apr-16-2013