Marine fuel called bunker gains 50% increase due to regulatory change and impacts companies in the area
Before the bunker regulatory change (maritime fuel) took place this year, cabotage companies and long-distance transport companies already felt the weight of the costs associated with it, which rose 50% in the country. See too: After Iran attack, Petrobras prohibits transit of ships through the Strait of Hormuz
- Offshore drilling market improves and Transocean earns $352,9 million in new orders
- Enauta seeks intern and engineer from the oil and gas reservoir area to work in Rio de Janeiro
- Baru Offshore hires professionals to take on vacancies in Rio de Janeiro
In October of this year, Petrobras began sales of bunker fuel already suited to the new rule – IMO 2020 – in which the sulfur dioxide content, which represents greenhouse gas emissions, of 3,5%, by rule , should be reduced to 0,5% by January 1, 2020, as per Annex VI of the International Convention for the Prevention of Pollution from Ships MARPOL of the International Maritime Organization (IMO).
When the Petrobras started its sales of suitable oil, prices were close to US$ 400/t. Today, the value already exceeds US$ 650/t in Santos. However, the average price in the world of bunker IFO 380 (3,5% sulfur content) is around US$ 370/ton – a version no longer manufactured by the state-owned company.
The regulatory change was defined in 2016 by the IMO. Vessels that have scrubbers (type of filter) will still be able to continue using the old fuel, however, they will have until March 01st to burn it and start using the new version.
The maritime transport and cabotage sector said that Petrobras saw in the 0,5% bunker price hike an opportunity to raise its margins, since the oil taken from the sea has a low sulfur content, and such an adaptation operation is not so costly. . Despite the dissatisfaction and criticism of the company, data from Ship & Bunker reveal that fuel here is cheaper compared to the average of other ports in the world.
However, businessmen and understandings believe that the market should normalize in six months, forcing the state-owned company to reduce the price locally. However, the bunker should still be about 10% above pre-rule levels.