Bunker prices ease in commodity sell-off, biggest one-day plunge since 2009

CARRIERS struggling to maintain profitability got a break late last week when oil prices fell, "joining one of the biggest commodity sell-offs in two years", reported London's Containerisation International.


Brent crude plunged to end a four-day decline at US$113 per barrel, the biggest one-day drop since April 2009. In Rotterdam, IFO 380 bunker slipped to $647 per tonne after hitting $654 the week before.


Shipping lines still have to budget for a $200 per tonne increase over the 2010 average for their ships that can burn 300 tonnes a day.


Supposedly prompted by fears of another global downturn, prices for oil, copper, cocoa, coffee, sugar, gold and silver fell in the wake of gloomy data being released to already jittery markets.
(Source:http://www.schednet.com)