The international shipping industry is only spending 0.1 percent less on bunker fuel than it was 24-weeks ago, but that fluctuation equates to big savings: $117 million daily.
For an 8,000 TEU ship, the savings amount to about $20,000 per day, per ship. Ships of that size consume about 225 tons of fuel per day at 24 knots, or 150 tons per day at 21 knots, according to a study by Hofstra University. On June 1, the price to run an 8,000 TEU ship for one day would have been about $86,700. With current prices, that cost sank to $65,625 per day.
The cost savings are trickling down to shippers, who are enjoying lessened bunker surcharges as a result.
