Bunker Prices
In the maritime context, bunker prices refer to the cost of fuel used by vessels. The term 'bunker' is derived from the containers on ships where fuel is stored, known as bunkers. Bunker prices are a significant component of the operating costs of a ship and can greatly influence the profitability of maritime operations. These prices are subject to fluctuations based on global oil prices, geopolitical events, and changes in environmental regulations. For instance, the introduction of the International Maritime Organization's (IMO) 2020 Sulphur cap led to a rise in the prices of low-sulphur fuel oil (LSFO), which ships had to switch to in order to comply with the new regulations. Bunker prices are typically quoted per metric ton and can vary at different ports around the world. Therefore, ship operators often have to strategize their refueling stops based on where they can get the most cost-effective bunker prices.
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