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Genoa bunker fuels surge against neighboring ports on supply concerns

Bunker fuel prices at the key Italian port of Genoa have outperformed the nearby bunkering hubs of Gibraltar and Malta due to supply concerns arising from the motorway bridge collapse in the city.

Delivered 380 CST bunker fuel at the port of Genoa gained $4/mt on the day Wednesday to $442/mt, while at Gibraltar the fuel lost $5/mt to $444/mt and the price at Malta fell to $437/mt, down $2/mt.

Bunker fuel availability at the primary Italian seaport, one of the busiest in the western Mediterranean, is likely to be disrupted as a result of the bridge collapse, traders told S&P Global Platts.

Italian Prime Minister Giuseppe Conte has declared a 12-month state of emergency in the northwest Italian Liguria region following Tuesday’s disaster, which left 39 people dead, as dozens of vehicles fell from a height of 45 meters (148 ft), and led to the evacuation of more than 600 people living nearby on fears of further collapse.

Shipping operations at the port of Genoa have been unaffected by the bridge collapse, shipping sources said Thursday.

The Genoa Port Authority was unavailable for comment on the matter.

The main problem is the difficulties with road traffic and the movement of goods and containers down to the port, said a charterer.

The busy route is described as one of the major arteries that cross the Polcevera River and connect the eastern and western parts of the city, carrying much of the freight passing through the port.

Some of the bunker fuel — along with much of the container volume — at the port is moved to the port via trucks, sources said, and this means of transportation is likely to be severely disrupted by the bridge collapse due to the absence of other convenient routes.

The bridge collapse did affect a gas pipeline, a ship broker said. While bunker traders are concerned about bunker fuel availability at the port, the ship broker said that there has been no impact on fuel oil supplies being delivered down to the port so tanker operations are proceeding as usual.

One bunker trader said that there will likely be tight bunker fuel availability for the next few days, while a second trader envisions that it could be a much longer term problem there if is no immediate plan in place to deal with the problems arising from the damaged infrastructure.

Source: Platts

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