Asia Fuel Oil: Poor Demand Pressures 380-cst Premium

Posted by Joseph Keefe
Thursday, June 05, 2014

The cash premium on the 380-cst fuel oil fell to a near one-week low as lacklustre marine fuel demand this week outweighed a supply shortfall from the West in June.


The 380-cst premium was at $1.58 a tonne to Singapore spot premiums, down 92 cents, Reuters data showed. Bunker traders expect marine fuel sales in May to ease from April, which reached the highest
level since May 2012. Official data from the Maritime Port Authority of Singapore is expected to be released next week.
 

"It has been very quiet," said a Singapore-based marine fuel seller. Another Singapore-based trader said some market players are also rich in supplies, thus  pressuring premiums. "They know that the market is full of oil," the trader said. Despite lower supplies from the West in June, inventory levels in Singapore were still relatively high at about 21.06 million barrels or 3.3 million tonnes, data from trade agency IE Singapore showed on Thursday.
 

Shipments to China hit a six-week low of 16,700 tonnes, about 10 times less than the volumes last week, IE data showed. Overall exports slid more than 20 percent from last week. In other market news, South Korea's GS Caltex Corp has unexpectedly shut down its 60,000-barrel-per-day (bpd) hydrocracker for under a week, although the exact cause of the closure was not known, traders familiar with the matter said on Thursday.


The hydrocracker, which processed vacuum gasoil and located in the southwestern city of Yeosu, is expected to halt operations for between four and five days, traders said. The impact on the market is expected to be limited due to the short period of the shutdown, they said.
   
Reporting by Jane Xie

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Marine Propulsion

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

Insights: Kunkel Weighs in on Propulsion Technology

LNG? Methanol as fuel? Hybrid systems? Tier 4? Reducing noise? Cutting emissions without crushing fuel economy? Marine News readers have questions and Bob Kunkel has answers.

A Sea Change in Waterjet Technology

Longtime waterjet propulsion equipment provider NAMJet introduces key advancements for the workboat sector. Back in 2011, when boat builder Birdon went looking

Finance

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

Fuels & Lubes

Insights: Kunkel Weighs in on Propulsion Technology

LNG? Methanol as fuel? Hybrid systems? Tier 4? Reducing noise? Cutting emissions without crushing fuel economy? Marine News readers have questions and Bob Kunkel has answers.

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

Gulf Petrochem Group Expands European Bunker Operations

Gulf Petrochem Group, the UAE based global bunker supplier, has announced that it is now officially offering physical bunker supply in the port of Rotterdam, out of its new office based in Dordrecht.

Marine Power

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

Insights: Kunkel Weighs in on Propulsion Technology

LNG? Methanol as fuel? Hybrid systems? Tier 4? Reducing noise? Cutting emissions without crushing fuel economy? Marine News readers have questions and Bob Kunkel has answers.

A Sea Change in Waterjet Technology

Longtime waterjet propulsion equipment provider NAMJet introduces key advancements for the workboat sector. Back in 2011, when boat builder Birdon went looking

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1076 sec (9 req/sec)