Falling bunker fuel
prices to aid shipping cos
THE declining bunker fuel prices
along with a marginal rise in the freight market could provide some relief to
Indian shipping firms, which are currently submerged in losses. The price of
bunker fuel, which accounts for more than 60 per cent of the operating cost of
vessels, has witnessed a downward trend since March.
The cost of crude, having fallen
sharply over the past few months, has pushed bunker fuel prices to around $ 592
per tonne from $ 730 per tonne.
"Of course, bunker fuel price has been
falling in the backdrop of a fall in crude prices. But going forward, the
suppliers are also realising that it is difficult for shipowners to operate at
such rates as the Baltic Index has been rising marginally," said a senior
official of an Indian shipping company.
Source : Exim
News Service - MUMBAI, June 26