21AUG2019 - NEWS - Istanbul bunker prices supported by lower HSFO output

Bunker prices at the port of Istanbul have fallen by around 15pc in the past month, a far less acute decline than at some other locations in the east Mediterranean. Prices are largely being affected by regional refiners' approaches to the International Maritime Organisation (IMO) sulphur cap that comes into effect next year. The price of high sulphur 380cst (HS380) at Istanbul fell from $438.75/t on 12 July to $374.50/t on 20 August. At the Greek port of Piraeus, the HS380 price fell from $430.50/t to $309.75/t, or 28pc, over this period, according to Argus data. The fall is mainly attributable to lower crude prices — timely for cruise ship owners purchasing bunker fuel on the spot market during the peak summer season. But several bunker suppliers and traders said prices at Istanbul have been cushioned by a reduction in regional HSFO production.