Ship-Fuel Prices Seen at Record High on Crimped Supply
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The price of marine fuel, which makes up 70 percent of tanker transportation costs, will reach a record high this year as export cuts crimp supplies, said McQuilling Services LLC.
Fuel will cost $690 a metric ton on average, 2.7 percent higher than last year’s $672, the Garden City, New York-based tanker adviser said in an e-mailed report. The fuel, known as bunkers in the industry, will keep climbing to $760 a ton by 2017, McQuilling forecast. Costs more than quadrupled in the past 10 years, it said.