IMO2020: Market Uncertainty Brings More Fuel Oil Price Volatility
The oil market has recently been shaken up by geopolitical events, but volatility in the price difference between low and high sulphur fuel cannot be explained by that alone – the uncertainty is the chaos factor.The uncertainty of the upcoming IMO 2020 Sulphur cap regulation (IMO2020) is having a big impact on the bunker market. Whereas, the price for Marine Gas Oil Low Sulphur (MGO LS) has largely remained stable, the price for High Sulphur Fuel oil (HSFO) has been become increasingly more volatile in recent months.
Singapore Fuel Stocks at Eight-month Low Ahead of IMO 2020 Deadline
Oil product inventories in the Singapore storage and trading hub fell to an eight-month low in the week ended July 17, official data showed, in one of the latest signs that suppliers are gearing up for rule changes to make marine fuel cleaner.Singapore onshore stocks of petroleum products, which include gasoline, diesel, jet fuel and residual fuel oil, came in at 38.372 million barrels, down from 41.725 million barrels in the previous week and their lowest since the week ended Nov.
War Risk Costs Impact UAE Bunkers, Singapore benefits
Shippers trying to minimise time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates' (UAE) Fujairah oil hub, trade sources said.Instead, they are turning primarily to Singapore, the world's top refuelling hub, to buy marine fuels, also known as bunkers, with some diverting to smaller bunkering ports, including in India and Sri Lanka, the sources said.A tonne of 380-centistoke (cst) high…
New Rules on Ship Emissions Herald Sea Change for Oil Market
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner…
Singapore Marine Fuel Sales at 3-month High
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
Singapore's Bunker Market Rallies
The Singapore fuel oil market has rallied this week as inventories have dropped at the same time that some supplies in the region do not meet the standards for use as shipping fuel, further reducing the amount of supply available, five trade sources said.Cash premiums for 380-centistoke fuel oil, which is primarily sold for ship fuel, known as bunker fuel, have soared this week to the highest since May 2017. The premium of the prompt-month swap for the fuel over the second-month swap has jumped to the highest since October…
Aframaxes Taken for Short-term Time Charters in Asia
The Asian Aframax market is currently stable but seems to be facing a more positive outlook on the back of short-term time charters as well as an increase in third decade cargoes. Rates for an Indonesia/Japan run basis 80 kt are hovering around w100 to w102.5, while rates for the AG/East route basis 80 kt stand at w115. Reflecting firmer owner sentiment, TD14 inched up steadily w-o-w to w100.78 which translates into daily earnings of around $8,700/day. At least three Aframaxes…
VLCC Sold for $26.5m
Chemoil sold its 225,000 dwt tanker, MT Anand Sea for $26.5m to Glory Town Investments Limited. The company currently leases 46,099 metric tons of land based storage capacity at Vopak in Singapore for fuel oil and blended products. The VLCC was originally acquired as a short-term measure to provide additional capacity until its terminal was completed. However, during Chemoil’s second quarter, the vessel experienced operational disruptions whilst stationed in Malaysian waters. The transaction through Chemoil’s wholly owned subsidiary, Anand Sea Shipping Limited, will result in a net gain for the Group’s current financial year with a corresponding increase in the net tangible assets.
Singapore To Hold International Bunkering Conference
The 12th Singapore International Bunkering Conference (SIBCON) 2002, to be held from September 26-28, 2002 at the Shangri-La, Singapore, will be officially opened by Mr Khaw Boon Wan, Senior Minister of State for Transport, and Information, Communications & the Arts on 26 Sep 2002. Khaw would also be delivering the opening address for the ceremony. This biennial event will bring together some 25 maritime and marine fuel experts from around the world to speak on the latest international trends and developments in bunkering, and the challenges facing the industry. They represent the oil majors, shipping lines, bunker traders, bunker suppliers, and classification societies.
