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Thu 8 Apr 2010, 11:05 GMT

Global bunker average hits 2010 record


Bunker Index (BIX) reaches 2010 high, surpassing previous record set in January.

The Bunker Index (BIX) - the daily average global bunker price quoted in US$ per metric tonne - hit a 2010 peak of $588.96 yesterday as bunker prices continued to rise for the fifth consecutive day, despite price decreases in key ports such as Singapore, Fujairah, Rotterdam and Busan.

Bunker prices around the world have now, on average, risen by $14.31, or 2.5 percent, since April 1st when the BIX was recorded at $574.65 per tonne.

Since Friday March 26th, the BIX has increased by $21.99, or 3.9 percent, from $566.97 to $588.96 per tonne.

During the same period, the price of WTI crude oil rose by $6.84, or 8.6 percent, from $80.00 to $86.84 per barrel between March 26th and April 6th, before closing lower yesterday at $85.88.

Yesterday's BIX price was $1.83 per tonne higher than the previous 2010 high of $587.13 per tonne recorded on January 8th.

During this period, bunker prices peaked in the New Year before nosediving during the remainder of the month and the BIX plummeted to its lowest level of $530.62 per tonne on February 9th.

Since then, bunker prices have steadily increased, with yesterday's BIX price being the highest average global bunker price recorded so far this year.

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