FSA: Bunker fuel prices soar 30% in the main Russian ports in September

In Vladivostok, bunkers price jumped 81% in August

Bunker fuel prices increased in all major Russian ports. In September, bunkers price rose up to 30% on August prices, the Fishery Shipowners Association (FSA) said. The most significant growth was recorded in the Far East ports, where more than 70% of Russian bioaquatic resources.

In Vladivostok, prices had increased for all types of bunker fuel by August 2023. Fuel oil price exceeded last year’s August figure by up to 81%. In 2023, this fuel oil accounted for three quarters of the entire Far Eastern bunker market. The growth for diesel fuel is less noticeable. The average increase in the cost of marine fuel, taking into account the consumption structure in the Far East, was 31%.

“Since the share of bunker fuel accounts for up to a third of fishermen’s costs, its rise in price could not but affect the price of fish products. Its cost for the first half of the year increased by 15%. At the same time, fishermen took on the bulk of this growth: over the same period, the increase in the average producer price for frozen fish was only 6%,” FSA said.

The Fishery Shipowners Association (FSA) was created in 2016. FSA unites 34 marine fishing companies. The volume of capital investments of FSA members in the renewal of their fishing fleet and the creation of onshore processing facilities exceeds 60% of the total investment in the industry according to the first phase of ‘keel-per-quotas’ investment scheme. More than 10 000 people work at the fishing and processing enterprises that are part of the FSA. The share of enterprises-members of the association is about 28% of the Russian marine catch of aquatic biological resources.