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Argus Media: Singapore bunkers supported by cargo, barge tightness

Singapore bunker prices jump on the back of firm crude benchmark prices, buoyed by strong spot demand and tighter availabilities of cargoes and barges.

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Singapore bunker prices have risen strongly in recent weeks on the back of firm crude benchmark prices, and are further buoyed by strong spot demand and tighter availabilities of cargoes and barges.

The premium of delivered very-low sulphur fuel oil (VLSFO) bunkers over the cargo market has averaged $23.26/t so far this year, triple more typical levels, Argus data shows.

Argus has reported an average of 14 spot deals daily so far in February, compared with 10 last month.

Market participants submitted 19 deals today totalling 20,180t, as a decline in crude prices and tightening of cargo supplies incentivised ship owners to buy more spot barrels.

Low-sulphur residual inflows to Singapore from west of Suez and Asia-Pacific this month are below average at around 2.2mn-2.4mn t (506,800-552,900 b/d), traders and analysts said, lower than the average 2.5mn-3mn t/month in arrivals last year.

An unviable arbitrage from the west and Vincent crude no longer being available as a LSFO blendstock owing to specification changes — possibly a lower flash point — were cited as possible reasons for the thinner inflows. Fewer Algerian low-sulphur cargoes arriving in Singapore because of potential refinery maintenance was another. A three-month low of 111,100t of LSFO is expected to arrive in Singapore this month from Skikda, according to Vortexa data. Inflows were last lower in November 2021 at 17,000 b/d.

Strong low-sulphur straight-run fuel oil and vacuum gasoil feedstock demand from refiners in Europe and the US amid possibly higher middle distillate production on firm margins are also limiting inflows, market participants said.

The lower inflows are one factor driving up Asian low-sulphur fuel oil (LSFO) margins, or the premium or discount of month one swaps against Dubai crude values, to record highs of $17.47/bl on 4 February, the highest since Argus began assessing margins in March 2020. They have fallen slightly since, but remain above $16/bl.

The availability of bunker barges remains tight following the Lunar New Year holidays in the region.

“The barge schedule is definitely tight”, remarked one buyer. “Also, a large number of barges are hitting their age limit”, the buyer said.

Demand for gasoil bunkers is average, but the premium of low-sulphur marine gasoil (LSMGO) over VLSFO bunkers has been rising strongly. The premium bottomed out at $5/t on 2 December, before rising steeply to $112.50/t on 31 January.

“Singapore imported less gasoil during the first half of February due to some refineries in Vietnam shutting down, hence cargo was diverted there”, a local gasoil trader said.

Demand for high-sulphur fuel oil (HSFO) bunkers, which made up one in four barrels in Singapore last year according to data from the Maritime and Port Authority (MPA), also remains healthy.

HSFO barge availabilities are tight, with one large supplier last year reducing its HSFO barges by half as part of the company’s barge optimisation strategy. It is not clear whether those barges ended up being converted to carrying VLSFO or were taken over by other HSFO suppliers.

The strength in demand for VLSFO pushed the premium of VLSFO over HSFO bunkers to a recent record of $210.11/t on 7 February. The premium typically averages about $100/t, and was only ever higher around the time the 0.5pc sulphur mandate by the International Maritime Organisation came into effect on 1 January 2020.

By Sammy Six and Sarah Giam

 

Photo credit and source: Argus Media
Published: 11 February, 2022

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Winding up

Singapore: Liquidators of Nan Ho Maritime, Nan Xin Maritime issue notices of dividend

Nan Ho Maritime’s second interim dividend and Nan Xin Maritime’s second and final dividend are payable from 4 September, according to Government Gazette notices.

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Notices of dividend for Nan Ho Maritime Pte Ltd and Nan Xin Maritime Pte Ltd, which are currently in creditors’ voluntary liquidation, were published on the Government Gazette on Friday (4 September). 

The following are the details of the notice for Nan Ho Maritime:

Name of Company : Nan Ho Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200814315C
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 2.305 per centum of all admitted ordinary claims
First and Final or otherwise : Second interim dividend
When Payable : 4 September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

The following are the details of the notice for Nan Xin Maritime:

Name of Company : Nan Xin Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701966W
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 3.980 per centum of all admitted ordinary claims
First and Final or otherwise : Second and final dividend
When Payable : 4th day of September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

 

Photo credit: Benjamin Child
Published: 7 September, 2026

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LNG Bunkering

Singapore-based EPS takes delivery of three LNG dual-fuel bulk carriers

Three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

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Singapore-based Eastern Pacific Shipping (EPS) on Friday (4 September) announced the naming and delivery of three new LNG dual-fuel Newcastlemax bulk carriers from China’s Qingdao Beihai Shipbuilding. 

Cyril Ducau, CEO of EPS, said the vessels were named Mount Victoria, Mount Yulong and Mount Wuyi

The three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

“A big thank you to CSSC Group and Qingdao Beihai Shipbuilding, working alongside our EPS team, for the tremendous collaboration and commitment behind this achievement,” Ducau said in a social media post.  

 

Photo credit: Eastern Pacific Shipping
Published: 7 September, 2026

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Port & Regulatory

ISWG-GHG 22: IMO working group aims to present NZF text at MEPC 85

The Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85.

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The Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 22) met for its 22nd meeting from 1 to 4 September 2026, chaired by Mr. Sveinung Oftedal (Norway), according to the International Maritime Organization on Friday (4 September). 

According to a meeting summary by IMO, the meeting had a high level of participation, with nearly 1200 registered participants, in person and online.

During the meeting participants considered the following agenda items:

Consideration of proposals, including documents submitted to MEPC 84 and 85, previous sessions of ISWG-GHG, as well as documents submitted to ISWG-GHG 22, on how to address concerns with the draft amendments to MARPOL Annex VI on the Net-Zero Framework, in line with the 2023 IMO GHG Strategy

Following constructive discussions, the Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85 that adequately addresses the noted progress made in the consideration of proposals on how to address concerns raised regarding the draft amendments to MARPOL Annex VI on the mid-term measure.

The Group invited interested delegations to continue to consult intersessionally to address remaining concerns with the draft amendments to MARPOL Annex VI, in line with the 2023 IMO GHG Strategy, taking into account views expressed at the Group’s session, with a view to submitting concrete proposals reflecting enhanced convergence allowing timely adoption and effective implementation.

Further consideration of the draft guidelines supporting the uniform and effective implementation of IMO’s mid-term measures.

The Group held a preliminary exchange of views on this agenda item, although time became a limiting factor and the Group and agreed to defer the consideration of all documents submitted to this session under this agenda item to ISWG-GHG 23 (23-27 November 2026).

Further consideration of the development of the IMO Life Cycle GHG Assessment (LCA) framework.

Due to time constraints, the Group was not able to consider the agenda item related to the IMO Life Cycle GHG Assessment (LCA) framework. The Group deferred the consideration of those documents to ISWG-GHG 23, in conjunction with the report of the fourth meeting of the GESAMP-LCA Working Group expected to be submitted to MEPC 85.

Next steps

The next meeting of the Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 23) is scheduled for 23 to 27 November 2026, ahead of MEPC 85 (30 November to 3 December).

The second extraordinary session of MEPC (adjourned last October) is scheduled to resume on 4 December, subject to discussions at MEPC 85.

 

Photo credit: International Maritime Organization
Published: 7 September, 2026

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