Ship fuel spreads and LNG prices fall to lowest levels in years. | Jobs On Ships

Fuel is one of the biggest costs in ocean shipping, and fuel pricing has seen some big changes in recent months, featuring new dynamics that haven’t been seen in years.

Prior to the IMO 2020 regulation implemented on Jan. 1, 2020, most of the world’s commercial ships ran on 3.5% sulfur fuel known as high sulfur fuel oil (HSFO). Ships with exhaust-gas scrubbers can continue to burn HSFO under IMO 2020, while others — the majority of the commercial fleet — have switched to more expensive fuel with 0.5% sulfur known as very low sulfur fuel oil (VLSFO).

The vessels with scrubbers that burn cheaper HSFO are predominantly larger container ships, tankers and bulkers doing long-haul runs. The discount of HSFO to VLSFO — the so-called Hi-5 spread — equates to savings on the fuel bill. The bigger the spread, the more ships with scrubbers save.

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