According to her sources shipping markettrading and supply companies have informed coastal shipping companies by letter and in some cases verbally that, based on the relevant letter received by them from HELLENiQ ENERGYbilling method will change in the coming days marine fuel and the price of marine gas oil (MGO) will no longer be used as a benchmark as it is set internationally.

From now on, the price of oil will be used as a benchmark. Very Low Sulfur Oil (VLSO). Discounts or surcharges are imposed on these indicators and the final price of shipping fuel for coastal shipping in Greece is formed, the same sources explain. They even add that this change at this stage is equivalent to an increase of about $100 per tonne of the main marine fuel used by Greek shipping companies (VLSO, a low-sulfur fuel that ships not equipped with sulfur wash/scrubbers must burn) .

This increase is equivalent to a percentage of about 20%. Practically $500 per ton will be charged around $600. A cost that, according to estimates, will inevitably be carried over to a significant portion in the final transport ticket prices. The same sources claim that HELLENiQ ENERGY has made this change because the previous benchmark has fallen, possibly to levels that zero out margins for suppliers, unlike the new benchmark.

The change means an increase in the cost of base marine fuel by about $100 per tonne, according to shipping market sources.

HELLENiQ ENERGY responds that it is adapting to what its suppliers and competitors are doing and claims that coastal fuel will not become more expensive with this change, but it may become cheaper at this stage. Such as explain “K” According to the sources of the company, until today the price of oil with a sulfur content of 0.1% (fuel oil gas oil) has been the benchmark for product pricing (low-sulphur fuel oil). low-sulphur fuel oil did not originally exist in Platts’ Mediterranean market. In addition, when it appeared, there were no purchases or sales for this product.

After the Russian invasion of Ukraine and the escalation of the energy crisis, fuel oil and gas oil prices showed large divergences, causing the Mediterranean market to switch to fuel oil pricing in the Rotterdam market. “We followed him because the whole market is tied to Rotterdam and that is how our suppliers rate us,” they say.

In addition, they argue that the new pricing formula, which will go into effect on June 14, will not necessarily lead to an increase. In fact, over the past six days, the price under the old formula is $19/t higher than the price under the new formula. They argue that the problem is currently caused by liners that have hedged, that is, “locked” the amount of fuel at the old higher prices. “Those who are not left behind will benefit from the new pricing formula,” they emphasize.