Seaboard Marine uses three types of fuel to power our vessels; MGO (Marine Gas Oil), IFO (Intermediate Fuel Oil), and VLSFO (Very Low Sulfur Fuel Oil). The use of each type of fuel depends on the International Maritime Organization (IMO) regulations and country-specific requirements. Fuel is a major portion of the vessel operating cost, and oil prices are subject to fluctuations due to supply & demand and other factors. To counter the fluctuations in oil prices, Seaboard Marine charges a surcharge on top of the ocean freight to align with the movement of the oil prices. For our customers’ benefit, Seaboard Marine publishes the weekly averages of these three fuel types using the values published by Platts Bunkerworld for Houston and New York.
The table below reflects the weekly calculated average between New York and Houston for IFO 380 and MGO, respectively. The figures displayed are equally weighted prices as published by Platts Bunkerworld.