Media: Shipowners fear manipulation of bunker prices

A recent report revealing that some oil traders are most likely manipulating the price of oil is now causing concern among shipowners, writes Lloyd’s List.

Photo: Casper Dalhoff

A recent report from International Organization of Securities Commissions accuses oil traders of providing false data to journalists calling to gather the data which sets the final oil price. According to Lloyd’s List, this makes shipowners fear that the high bunker prices are due to manipulation from oil traders rather than supply and demand.

“If a ton of bunker fuel should be $600 and they’re saying it is 620 then of course it would affect us,” says an anonymous chartering manager at a Greek firm. The chartering manager adds that his company will be seeking compensation if it is proven that manipulation of the oil price has taken place.

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