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No respite for earnings

No respite for earnings
Simon Kruse, senior general manager of Maersk: Costs may have fallen by more than a half in recent months but there is no respite for owners' earnings due to slumping freight rates.

Simon Kruse, senior general manager of Maersk: Costs may have fallen by more than a half in recent months but there is no respite for owners' earnings due to slumping freight rates.

Bunker costs may have fallen by more than a half in recent months but there is no respite for owners' earnings due to slumping freight rates.

Current bunker fuel prices of about $250 per metric tonne (pmt) are ''fantastic'' offers, according to Simon Kruse, senior general manager of Maersk Tankers.

?Compared to bunker prices a year ago, of course our operational costs are going down,? Kruse told.

?Our larger product tankers burn about 50 mt a day, so based on prices of about $250 pmt, our bunker costs are about $12,500 per day [per ship].?

?Today's rates for a voyage from the Arabian Gulf to Japan brings us earnings of about $20,000 per day [per ship] at present, which means our expense on bunkers is about 50%.?

Kruse added however, that ?a month ago, we were making $60,000-80,000 per day [per large product tanker for MEG-Japan voyages].?

?So of course lower bunker prices have helped, but in terms of earnings, lower bunker costs can't mitigate our losses from significantly lower freight rates,? he said.

The prices of key grade 380 centistoke (cst) bunker fuel at Singapore were seen at $243 pmt, Fujairah at $242 pmt and Rotterdam at $212 pmt.

Singapore 380 cst prices were pegged at a historic monthly high of $720.50 pmt in July last year.

www.TurkishMaritime.com.tr

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