As Hormuz optimism mounts, bunker fuel prices continue to sink
- Average VLSFO price at top 20 hubs is now up 23% y/y, according to Ship & Bunker data; at peak of Hormuz crisis it was up 91%
- Average HSFO price at top 20 hubs is up only 13% y/y, versus 87% at the peak
- Despite significant price declines, bunker market conditions may not fully return to pre-crisis ‘normal’ until later this year
More ships are transiting the Strait of Hormuz, putting intense downward pressure on oil prices. The upside for shipowners: operating expenses are falling as bunker fuel costs correct
