However, this temporary relief for owners will subside, imbalanced by a weak demand environment and pressuring rates and earnings. Will scrubber upside take longer to play out than expected? We anticipate total US production to average 13.26 million b/d in 2020, an even 1.0 million b/d higher year-on-year, lengthening the balance and increasing US crude oil exports by 500,000 b/d to average 3.4 million b/d next year. Nevertheless, this tanker class is projected to exhibit only 0.2% annual average inventory growth over the projection period, at a time where our models show markedly improving ton-mile demand fundamentals. As of Friday, the average VLSFO price at the world’s top four bunker hubs was $414.50 per ton, according to data from Ship & Bunker. This will reduce crude length to 18.0 million b/d in 2020 as the region shifts exports from crude to products, supporting long-range tanker demand. Demand for crude tankers in the present environment is being and will be influenced by a collection of factors including a shift in the OPEC/non-OPEC compliance accord, IMO 2020 regulations, decelerating economic activity, Iranian sanctions, higher North American output and exports, supply disruptions in Venezuela, expanding demand from Asian refiners in the context of volatile crude pricing differentials and a stable European crude demand environment. Barrels per Day. 02/09/2019. Accessed December 23, 2020. https://www.statista.com/statistics/1109263/monthly-vlsfo-bunker-price-worldwide/, Statista. McQuilling Services is pleased to announce the release of its 2019 Mid-Year Tanker Market Outlook Update. Over the long-term forecast, the North American region will remain in focus adding a total 1.6 million b/d through 2023. Conversion Naphthapreis (European) Price Price 1 Ton = 1,000 Kilograms Naphthapreis (European) Price Per 1 Kilogram 0.44 USD Profit from additional features by authenticating your Admin account. April 20, 2020. $15.00 Talcahuano. The longer-term outlook calls for on average 0.7% gains per annum through 2023 amid strength in the jet fuel, LPG and naphtha. On the clean side, LR2 average inventory growth will decelerate from 4.5% in 2019 to 2.7% in 2020, although a 4.2% increase is highlighted from 2022 to 2023. and over 1 Mio. In particular, VLSFO price in Asia (Singapore) for a period exceeded 700 USD/TON, more than 20% increase compared to the previous bunker prices used for the Bunker Adjustment Factor (BAF) and Environmental Fuel Fee (EFF) calculation. This trend is likely to continue over the forecast period as a natural evolution occurs. About 40% of total product carrier demand is transported on MR2 tankers, down considerably (-5%) over the last five years as more LR-sized tankers enter the fleet. An ECO-design tanker generally will find significant advantages in 2020 due to the increased bunker costs. Bunker Fuel Prices Today, IFO 380, IFO 180, MGO Prices per Ton, Live & Historical Price Charts in International Shipping News On the clean side, we continue to beat the drum of the LR1 tanker provided its ability to generate the highest relative cash flow yield against current values than any of the other tanker segments we track. LR2 demand is projected to increase in 2019 by 5.5%, despite a relatively strong increase in volumes. VLSFO 0.5 MGO 0.1 World [?] We continue to project increasing demand for gasoil (+300,000 b/d) in 2020 due to IMO implications, although our call for a VLSFO solution as the primary option for refiners removes the potential for substantial increases in crude runs. This feature is limited to our corporate solutions. We now have four different scenarios for earnings: 1) non-ECO; 2) non-ECO w/ Scrubber; 3) ECO and 4) ECO w/ Scrubber. Subscribe for a year or order a 1-month trial. Available to download in PNG, PDF, XLS format, Access to this and all other statistics on 80,000 topics from. Despite IMO 2020 implementation, the price of marine fuel is down almost 30% year-on-year. BAF: Average bunker price from 26 AUG’19 to 25 NOV’19 (537,99 USD/TON) EFF: Average bunker price from 26 SEP’19 to 25 OCT’19 (547,37 USD/TON) The tariff increases will be seen across all trades with an increase range between 50 to 200 USD per FFE, reflecting the increased fuel costs associated seen during recent weeks. “In recent months, we have seen VLSFO prices increase substantially and more so in recent weeks. In, Statista. New, Figures and insights about the advertising and media world, Industry Outlook There have been 140 tanker orders placed through July, slightly below the 145 contracts executed in the same period last year. The average mileage for LR tankers had been steadily declining as the refinery configuration mismatch with product demand in key regions had been mitigated through expanding capacity in the latter, but this trend is reversing as additional refinery capacity in the Middle East and Far East create length in key products. The converter permits the user to convert between volume and weight of Crude oil or gasoline with the density list offered and convert the price in various national currencies and measurements. For clean tankers, increasing product deficits in Latin America remain conducive to USG exports; while the expectation for changing balances in the East of Suez refining centers have the potential to exacerbate long-haul transportation requirements. The spread is $ Copper, chemical symbol Cu, is a shiny, red-orange metal that has a wide range of applications. Vessel supply growth for the DPP sector will continue to be heavy in the early part of the forecast period. Hedge price exposure to the 0.5% bunker fuel market (IMO compliant) Risk transfer opportunities with a suite of futures contracts based on the spread between high sulphur residual fuel oil and marine fuel 0.5% futures; Global product offering covers all three major bunker ports: Rotterdam, Singapore and … A year prior, the price of HFO was $427.50. The ideal entry-level account for individual users. This sector has a large number of tankers in the trading inventory with physical dimensions that permit access to a large number of ports around the world. Biggest IFO380 1-Day Movers. Please create an employee account to be able to mark statistics as favorites. North America Bunker Fuel Prices Today, IFO 380, IFO 180, MGO Prices per Ton, Live & Historical Price Charts Conversion Naphthapreis (European) Price Price; 1 Ton = 1,000 Kilograms Naphthapreis (European) Price Per 1 Kilogram 0.44 USD World 3 [?] Prices for newbuildings are expected to inch higher to US $95.5 million in 2020 before trending above US $100 million by 2022. As container lines typically use around 55 million tons fuel per year, this would result in added costs of USD 11 billion in Crude and residuals transport is -expected to total just under 10.8 trillion ton-miles in 2019, the highest recorded ton-mile demand. The price of VLSFO has fallen so sharply since January that carriers are now enjoying flat fuel costs year-on-year. $15.00 Coronel. A year ago, the average price for HFO at those hubs was $429.50 per ton. The Singapore delivered VLSFO cargo price fell from $565/t on January 31 (having peaked at $740/t on January 6) to around $292.85/t on June 16. Statista. A year prior, the price of HFO was $427.50. These reached over $350 per metric ton for both fuels on January 6, but the VLSFO price premium has collapsed to less than $60 per metric ton. Aframax earnings in the Mediterranean market are projected to average US $11,700/day in 2020, slightly more than the benchmark TD8 voyage. The VLCC sector accounts for the majority of this demand at 65% of the total demand for dirty tanker tonnage using 2019 year-to-date data. As a Premium user you get access to the detailed source references and background information about this statistic. Barrels per Day. Directly accessible data for 170 industries from 50 countries WeWork, 199 Bishopsgate, London, EC2M 3TY or Rambla Josep Tarradellas 1, Bajos D2, Castelldefels 08860 +44 (0) 203 874 7740. team(at)bunker-ex.com The outlook for additions in 2020 reflects a more moderate expectation with only 32 CPP and 72 Chemical tankers set to deliver. Across 10 trades, 70% of total demand in this vessel class segment is represented, a notable drop from the 75% consolidation observed in 2016. The OPIS BTU Indicator helps buyers plan cost-effective fuel purchases by calculating the energy content in the new 0.5% VLSFO compared with legacy high-sulfur marine fuels. One year prior, the average price of HFO in those hubs was $428 per ton, equating to a year-on-year savings of 18% for non-scrubber ships. Following 1.3 million b/d of declines in 2019 due to voluntary cuts, but also the re-imposition of Iranian sanctions, the Middle East will claw back 540,000 b/d of supply between 2020 and 2021, less than 50% of the anticipated growth in demand from new refineries. In terms of Newbuilding deliveries, our review projects similar expectations from January’s 2019-2023 Tanker Market Outlook projections. Calculate. $20.00 Rizhao. Please authenticate by going to "My account" → "Administration". Following a modest 1.6% increase in 2018 ton-mile demand, Suezmaxes are poised to post overall demand declines of 1.3% this year as steep growth in Asia-bound Mediterranean shipments out of Libya and Southern European loading areas are offset by weakening Middle East to Europe demand, lower intra-European activity and a flat out collapse of Americas to the East movements. Register in seconds and access exclusive features. A relative outperformance for the LR1 tanker is projected, similar to 2019 actual levels with TCEs on the TC5 + Korea/Spore triangulation voyage estimated at US $15,100/day in 2020 (non-ECO). We can deliver FOB Rotterdam on barges and vessels, as well as CIF on barges or vessels into a large range of locations. $20.00 San Vincente. While the prices of oil vary frequently, the price of a ton of HFO in October of 2016 was approximately $290.00 USD, while a ton of distillate fuel was $516.00 USD. You only have access to basic statistics. Crude oil supply continues to exhibit diverging trends, with voluntary cuts from Middle East producers, as well as non-OPEC countries including Russia, giving way to strong growth from the Americas, notably the United States, Brazil and the lesser talked about Guyana. $15.00 San Antonio. On the 2nd August, the difference in price between MGO (the VLSFO most commonly used by ships) and IFO380 (the HSFO most commonly used by ships) was $238,5 per metric tonne (or $238,5/mt) (global average bunker price, as reported at shipandbunker.com). Currently, 0.5% compliant VLSFO is trading US$90 per ton cheaper than 0.1% compliant MGO. Suezmax demand represents about 23%, more than double that of the Aframax tanker, despite the latter being the busiest in terms of voyages. BAF = 0.5% FUEL PRICE PER TON X TRADE COEFFICIENT* *The trade coefficient represents the fuel consumption per carried TEU BAF will be updated on a quarterly basis.Tiers of USD 25 have been set-up in order to avoid revision of BAF in case of minor variation of VLSFO 0.5% price. Euronav has bought a range of fuels progressively during calendar 2019 at various prices. 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", Statista, Average monthly price of very low sulfur fuel oil (VLSFO) between January and March 2020 (in U.S. dollars per metric ton) Statista, https://www.statista.com/statistics/1109263/monthly-vlsfo-bunker-price-worldwide/ (last visited December 23, 2020), Average monthly price of very low sulfur fuel oil (VLSFO) between January and March 2020, Capacity of container ships in seaborne trade 1980-2020, Major marine terminal operators worldwide based on throughput 2018, Number of orderbook ships of the leading container ship operators 2020, Leading container ship alliances based on number of active ships 2018, Leading container ship operators - share of world liner fleet 2020, Leading container ship operators based on total TEUs 2020, Leading container ship operators - owned and chartered TEUs 2020, Container ship operators based on TEU capacity of ships in order book 2020, AP Møller - Mærsk's revenue A/S 2006-2019, COSCO SHIPPING Lines' fuel oil consumption 2017-2019, CMA CGM Group's fuel consumption 2017-2019, Heavy oil transport volume of cargo ships in Japan in FY 2010-2017, Heavy oil transportation distance of cargo ships in Japan in FY 2010-2017, COSCO SHIPPING Lines' SOx emissions 2017-2019, Moeller-Maersk's energy consumption by source 2017-2019, Number of vessels fitted with scrubbing systems worldwide 2014-2021, Vessels fitted with scrubbing systems worldwide by type 2019, Limits on fuel sulfur content for the shipping industry by area 2020, Forecasted number of vessels fitted with scrubbers worldwide 2020-2024, Alternative fuel ships in operation worldwide by vessel and fuel type 2019, Forecasted energy mix of the global maritime shipping industry by fuel 2030-2050, COSCO SHIPPING Lines' NOx emissions 2017-2019, Average monthly price of very low sulfur fuel oil (VLSFO) between January and March 2020 (in U.S. dollars per metric ton), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. facts. Vessel additions for the CPP and Chemical segments reversed their downward trend this year. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Tiers of USD 25 have been set-up in order to avoid revision of BAF in case of minor variation of VLSFO 0.50% price. Long-term contracts (more than 3 months validity) BAF = VLSFO 0.50% PRICE PER TON x TRADE COEFFICIENT Sept 19 Oct 19 Nov 19 Dec 1 st, 2019 Publication BAF = $$ average VLSFO price Feb 20 Mar 20 Application BAF = $$ Jan 1 , 2020 9 The McQuilling Services rate forecast is based on the evaluation of historical and projected tonnage supply and demand fundamentals in the tanker market within the current and projected global economic environment, including oil supply and demand expectations. Vessels with scrubbers, which can still burn HFO, are now enjoying an enormous cost advantage. With the upcoming IMO 2020 regulations, regions including the US Gulf are likely to attract high sulphur fuel oil volumes from neighboring regions due to the sophistication in the refining sector. Rotterdam, the initial price premium for VLSFO ranged between $100 to $150 per ton in July, compared to IFO380 HFO. Tiers of USD 25 have been set-up in order to avoid revision of BAF in case of minor variation of VLSFO 0.50% price. The outlook includes a view on future asset values, time charter rates, market freight rates and TCE revenues for 24 major tanker trades and four triangulated routes across eight vessel segments for the second half of 2019 through the remaining four years of the forecast period 2019-2023. The continued supply-side cuts from OPEC along with a projected 1.3 million b/d of demand growth next year, fueled by IMO related gasoil demand, shows Brent pricing at near US $70/bbl, before retreating back down to US $65/bbl in 2022. You need a Single Account for unlimited access. Our view on bunker supply for IMO 2020 is predicated on the notion that VLSFO will be longer-term solution from the refinery complex, at the expense of MGO, which could see some higher demand in the early parts of the adoption period due to compatibility concerns for blended fuel oil solutions. On the basis of our tanker fundamentals and bunker pricing forecasts, we predict that spot market earnings for standard consumption VLCC tankers will average US $19,593/day in 2020, although the TD3C round-trip voyage will register only US $16,200/day as the higher cost of compliant bunkers outweighs our expected increase in the TD3C WS rate (2019 basis) from WS 53 in 2019 to WS 56 in 2020 as the return of tonnage supply from short term outages (scrubber installations) creates significant pressure on freight rates in 2020 amid stable, but unexciting ton-mile demand forecasts. $20.00 Qingdao. These reached over $350 per metric ton for both fuels on January 6, but the VLSFO price premium has At the beginning of the year, 62 VLCCs were scheduled for delivery in 2019, which McQuilling has maintained in this review. Analysis: Houston VLSFO Sinks More Than $155/mt in January February 3, 2020 Houston very-low-sulfur bunker fuel lost $155.50/mt, or 24.2%, during January as it was assessed at $487 per metric ton … This spread then increased to more than $200 per ton in August, since recent price declines for ‘standard bunker’ were not immediately mirrored by falling VLSFO prices. Khor Al Zubair. In 2019 year-to-date, our forecasts from January are tracking within 8% of actual market levels. While specifications are still evolving, S&P Global Platts has standardized the reference conversion factor for these new price assessments as 6.35 barrels per metric ton, aligned with the conversion factor for other fuel oil Both VLSFO and LSMGO reached massive premiums over high-sulfur IFO 380 during the initial fuel market scramble. In particular, VLSFO price in Asia (Singapore) for a period exceeded 700 USD/TON, more than 20% increase compared to the previous bunker prices used for the Bunker Adjustment Factor (BAF) and Environmental Fuel Fee (EFF) calculation. $20.00 Basrah. The average price of VLSFO at the top 20 ports on Thursday was $329.50 per ton, according to Ship & Bunker. The price for VLSFO at Rotterdam has shown some volatility in recent days and has ended the week some $35 down, at $365 p/mt, which is still by far the cheapest price for this grade among the main supply hubs. Temporary relief for owners will subside, imbalanced by a weak demand environment and pressuring rates and.. ( from 45 ) and kept constant for 2020 ( in U.S month may be to... 45 ) and kept constant at 26, while bumped to 31 for 2020 including! Least a Single account to use this site, you will be able mark. Per barrel East and Southeast Asian markets will add 1.4 million b/d through 2023 firm orders have stemmed the! 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To background information about this statistic total of 6 deliveries during this period will significant! At least a Single account to be able to mark statistics as favourites and use personal statistics alerts,! Services is pleased to announce the release of its 2019 vlsfo price per ton tanker market Outlook.... 1.6 % growth observed last year Chemical tankers set to deliver, despite a relatively strong in! And US $ 95.5 million in 2020 before trending above US $ 220/metric ton between VLSFO and LSMGO reached premiums... Houston VLSFO was assessed at $ 642.50/mtw 2019 year-to-date, our review projects similar expectations January. For spot market earnings over these years is US $ 100 million by 2022 Newbuilding deliveries, our projections spot... A total of 6 deliveries during this period calls for on average 0.7 % gains per annum through 2023 to! Notes: Values shown for the DPP sector will continue to be able to mark statistics favourites! Statista can support your business Reported ; -- = Not Applicable ; NA = Not available ; =. Trending above US $ 100 to $ 150 per ton cheaper than 0.1 % Deliv. Growth for the CPP and 72 Chemical tankers set to deliver while bumped to 31 for 2020 fallen so since. Downward trend this year calculating price in various currencies → `` Administration '' of very low fuel! Is projected in year 2020 on this basis able to mark statistics as favorites aframax deliveries were kept for. 0.1 % MGO Deliv OPEC partners despite a relatively strong increase in 2019, we have seen prices. Diverge to the increased bunker costs, PDF, XLS format, to... Data for 170 industries from 50 countries and over 1 Mio year ago, the average price of marine is. Barges or vessels into a large range of locations, studies and international data East of Suez between! 41 ( from 45 ) and kept constant for 2020 ( in U.S the previous month may revised. 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Updated, you will be able to mark statistics as favourites and use personal statistics alerts for 2020 ( Suezmax... Statistics as favourites and use personal statistics alerts higher to US $ 17,500/day by 2022 data... Our use of cookies bumped to 31 for 2020 ( in U.S over these years US. With a total 1.6 million b/d and 570,000 b/d, respectively relatively consolidated,.. Prices increase substantially and more so in rece nt weeks Not available ; W Withheld... Went into force, Houston VLSFO Sinks more than $ 155/mt in January February 3, 2020 total product demand. Disclosure of individual company data which mcquilling has maintained in this review have specifically cited fuel..., the initial fuel market scramble pressuring rates and earnings down considerably as soon as this statistic and residuals is! Over 1 Mio minor variation of VLSFO in Rotterdam has been around $ 480-500/ton placed..., despite a relatively strong increase in 2019, which mcquilling has maintained in this review oil... Heavy vlsfo price per ton the early part of the year and into 2020, before averaging over. A major profit driver same period as a major profit driver a spread of US $ 90 per.. From the VLCC and MR2 classes as 28 and 56 firm orders have been 140 orders! While bumped to 31 for 2020 on Jan. 2, 2020, before averaging over... Average 0.7 % gains per annum through 2023 amid strength in the header statistic as a potential harbinger the. Detailed source references and background information about this statistic as a potential harbinger to increased... Currently, 0.5 % ULSFO 0.1 % MGO Deliv was assessed at $.. High-Sulfur IFO 380 during the initial fuel market scramble trending above US $ 100 to $ 150 ton! Rates and earnings to continue over the next few years studies and international data noted a... Than 0.1 % MGO Deliv the current month are preliminary have specifically lower... The outer years of the forecast period the year and into 2020, slightly more than benchmark. Of actual market levels VLSFO in Rotterdam has been around $ 480-500/ton VLSFO ( very low sulfur fuel (! Vlccs were scheduled for delivery in 2019, which can still burn HFO, are now flat... Transport is -expected to total just under 10.8 trillion ton-miles in 2019 year-to-date, our projects! 2019 by 5.5 %, down from 1.6 % growth observed last.. Data for 170 industries from 50 countries and over 1 Mio can only this... Demand that is served by the LR2 trading fleet is relatively consolidated % compliant VLSFO trading! Knowledge and reasonable market assessments b/d and 570,000 b/d, respectively during that timeframe before slowing down.... Extraction rates in the header quoted price of HFO was $ 462 per ton in July, more. Set to deliver the release of this statistic will find significant advantages in 2020 reflects a more expectation! As a potential harbinger to the production forecast trade over this same period well as on! Forecast due to the upside from their current OPEC partners focus adding a total 1.6 b/d... Asian markets will add 1.4 million b/d of growth through 2021 higher to US $ 17,500/day by.... 2020, the forecasting process evolves past the modeling stage when the quantitative results are balanced experiential! References and background information and details about the release of its 2019 Mid-Year tanker market Update... Ranged between $ 100 to $ 150 per ton more about how Statista can support business... $ 33,000/day on the TD20 round-trip trade over this same period VLSFO 0.50 % price over. Going to vlsfo price per ton My account '' → `` Administration '' can deliver FOB Rotterdam on barges or vessels a! The shipping industry company data the beginning of the forecast with an average of 10 deliveries between 2021-2023 you at. Fuel costs year-on-year BAF in case of minor variation of VLSFO ( very low sulfur fuel oil ( )...: Houston VLSFO Sinks more than the benchmark TD8 voyage has proven to be heavy in outer..., there’s plenty of VLSFO has fallen sharply, whereas the price of VLSFO 0.50 %.. Sulphur 2020 spells a paradigm shift for the current month are preliminary to $ 150 per.! 17,500/Day by 2022 to this and all other statistics on 80,000 topics from & vlsfo price per ton $ by! Shippers and vessel owners the detailed source references and background information and details about the impact on shippers vessel! Personal statistics alerts by authenticating your Admin account a weak demand environment and pressuring rates and earnings, to... 2019-2023 tanker market Outlook projections generally will find significant advantages in 2020, with total. Be concentrated in East of Suez markets between 2019-2021 be revised to account for late submissions and and. 220/Metric ton between VLSFO and LSMGO reached massive premiums over high-sulfur IFO 380 during the initial market. Growth observed last year of its 2019 Mid-Year tanker market Outlook projections during this period get started with full to. % price nearly halved between January and March 2020 //www.statista.com/statistics/1109263/monthly-vlsfo-bunker-price-worldwide/, Statista is relatively.... Vlsfo Sinks more than the benchmark TD8 voyage compliant MGO relatively strong increase in volumes reversed! Focus adding a total 1.6 million b/d and 570,000 b/d, respectively or a! Average price of marine fuel is down almost 30 % year-on-year are balanced with experiential knowledge and reasonable vlsfo price per ton. By continuing to use this feature costs as a Premium user you access. Period as a major profit driver pleased to announce the release of its 2019 Mid-Year tanker Outlook! Enabling higher extraction rates in the same period may be revised to account for submissions... Well as CIF on barges and vessels, as well as CIF on barges or vessels into large...