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Fuel Oil Cargoes News

01 Mar 2023

Singapore Bunker Premiums Set for Bumpy Recovery in March

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Premiums of marine fuel, also known as bunkers, are set for a bumpy recovery in March in Singapore, the world's largest bunkering port, as refuelling demand from the shipping sector has recently waned, multiple trade sources said.A weaker Singapore bunker market reflects slowing activity at one of the world's most major ports that sits on a crucial shipping lane, while lower demand will also weigh on Asia's fuel oil refining margins.Bunker premiums for the most actively traded very low sulphur fuel oil (VLSFO) grade…

02 Mar 2021

Venezuelan Oil Exports Rise on Larger Sales to Asia

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Venezuela’s oil exports rose in February to over 700,000 barrels per day (bpd), their highest level in 10 months, pushed by more sales of fuel oil cargoes to new clients in Asian markets, according to Refinitiv Eikon’s tanker tracking data and documents.A growing number of clients with no track record in oil trading has been helping Venezuela’s state-run PDVSA to allocate crude and fuel in Asia, especially since the U.S. Treasury Department halted oil swaps by PDVSA’s long-term customers in the last quarter of 2020 as part of tightening sanctions.These buyers…

13 Jun 2018

Singapore Reports Higher May Bunker Fuel Sales

© umike_foto / Adobe Stock

Singapore marine fuel sales climbed to a four-month high of 4.283 million tonnes in May, up 1.2 percent from the previous month and 2.5 percent higher compared with a year ago, data from the Maritime and Port Authority of Singapore (MPA) showed on Wednesday.The strong volumes sold in May were largely in line with industry expectations and come despite sharply higher bunker fuel prices due to rising crude oil prices and shortages of finished grade bunker fuel oil during the month.The cost of 380-centistoke (cst) fuel oil cargoes, the mainstay bunker fuel for large vessels, in May averaged $433

14 May 2018

Singapore Marine Fuel Sales at 3-month High

© MAEKFOTO / Adobe Stock

Singapore marine fuel sales climbed to a three-month high of 4.233 million tonnes in April, up 1.6 percent from the previous month but 0.5 percent lower from the same time last year, data from the Maritime and Port Authority of Singapore (MPA) showed on Monday.In a signal of steady demand for marine fuels, the firm April sales volumes came despite rising fuel costs and supply disruptions of some bunker fuels towards the end of the month, trade sources said.The cost of 380-centistoke (cst) fuel oil cargoes, the mainstay bunker fuel for large vessels, in April averaged $385 per tonne in Singapor

28 Nov 2016

Asia Tankers-VLCC Rates May Hit Multi-Month Highs

VLCC rates last week hit highest since April, May; balanced tonnage supply-cargo demand support rates. Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs last week, could climb further if there is a flurry of pre-Christmas chartering activity, ship brokers said on Monday. VLCC rates were also buoyed by a drop in the number of new vessels being delivered as owners deferred delivery from late 2016 to early 2017, brokers said. "It should be busy this week because next week the Christmas parties start," a European supertanker broker said on Monday. But he said the number of charters contracted for loading in the first 10 days of December was lower than expected.

20 May 2016

Asia Tankers-VLCC Rates to Dip Before Fuel Oil Fixtures

Worst over for Aframax market as fuel oil cargoes lift rates. Freight rates for very large crude carriers (VLCCs) could slide further before finding a floor and recovering on a rebound in chartering activity, ship brokers said on Friday. Daily earnings for a VLCC charter from the Middle East to Japan have dropped by around $13,500 since May 11 as charterers held back the release of June cargoes and VLCCs faced competition from smaller Suezmax tankers, brokers said. "Suezmax rates are so low now we see charterers splitting VLCC cargoes," a European supertanker broker said on Friday. Charter rates for a Suezmax tanker, which can carry around 1 million barrels of oil…

21 Jan 2016

Kuo Oil Looks to Lift Two Iranian Fuel Cargoes

U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country. The United States lifted the sanctions on Saturday against Kuo, also known as Kuo International Bunkering, as part of its broader relaxation of sanctions against Iran for compliance with an agreement to curtail its controversial nuclear programme. The sanctions were handed down on Kuo in January 2012 for providing over $25 million in refined petroleum products to Iran between late 2010 and early 2011.

23 Jul 2012

Asia-bound Fuel-oil Cargoes on the Rise

Asia-bound fuel-oil cargoes from Western countries in August rise to 3.44-million tons Fuel-oil shipments to Asia from Western countries for August delivery rose from a week earlier to 3.44 million metric tons, according to vessel-charter data and information from traders compiled by Bloomberg. The volume compares with 3.3 million tons reported a week ago and 2.5 million tons for July, a nine-month low. At least 14 tankers, including five very large crude carriers, are scheduled to arrive in Asia next month after collecting the fuel for ships and power generators from ports in Europe, the U.S. and the Caribbean. Source: Bloomberg

21 Nov 2003

Steamship Reports First Nine-Months Results

A/S Steamship Co TORM (TORM), a shipping company specializing in the worldwide commercial operation of a fleet of tankers and bulk carriers, reported its results for the first nine months of 2003. Net profit for the third quarter 2003 was DKK 232 million ($35 million), including an unrealized gain on the Company's investment in Dampskibsselskabet "NORDEN" A/S; and net profit for the first nine months of 2003 was DKK 468 million ($70 million), including an unrealized gain on the NORDEN shares. Profit before depreciation was DKK 413 million ($62 million) for the first nine months of 2003, while profit before financial items was DKK 284 million ($42 million) for the first nine months of 2003.

11 Mar 2001

Aframax Rates Reach Higher

Owners of Aframax tankers (70-80,000 tonners) have taken advantage of weather and Italian lawmakers to push rates up in both the Caribbean and Mediterranean markets. "Owners of modern Aframax tonnage trading in the Mediterranean received a long awaited boost to their fortunes, with news that Italy will insist on double-hulled tonnage being mandatory for most of its major ports," said London broker Gibsons. On the other side of the Atlantic, last week's weather delays were still causing a backlog, allowing owners to force rates up from W300 on Monday to W310 on Friday, as illustrated by Fina's fixture of the Nordlight from Covenas to the U.S. Gulf. U.S brokers said that the backlog had cleared, but not before the market had seen a high of W320 paid for one very prompt fixture.