Global energy and commodity price reporting agency Argus Media on Tuesday (26 February) provided an industry update regarding its low-sulphur fuel oil (LSFO) assessment:
Argus launched the 0.5pc LSFO assessment in October, in preparation for the International Maritime Organisation (IMO) cap on sulphur content of marine fuels that comes into force on 1 January next year. Argus began assessing using a 7:1 blending ratio of existing 0.1pc low-sulphur marine gasoil and high-sulphur fuel oil (HSFO) 380cst assessments.
"Two weeks ago we decided we had enough independent information to assess the [0.5pc LSFO] market in Singapore on its own, which we are now doing," Argus' head of business development in Asia-Pacific, Alan Bannister, said at the Argus Products forum today. "We are getting a lot of deals coming in on different low-sulphur fuels, allowing us to mark that with some certainty."
Bunker deals submitted to Argus on a variety of fuels rose to 470 in January, up from a daily average of five in June last year.
"Not only are we getting deals on HSFO and high-sulphur marine gasoil, we are also beginning to get a variety of non-standard fuels reported to us. That is extremely useful as we are now moving into the IMO world," Bannister said.
He said the delivered price is the "only benchmark suitable" for squaring the circle of suppliers that want to price at a discount to gasoil and buyers that look to buy at a premium against HSFO.
Around 4mn t/month of bunker fuel trades in Singapore, almost four times volumes at the world's other leading bunker hubs at Rotterdam and Fujairah.
Related: Argus launches ‘LSFO 0.5%S’ delivered bunker assessment for Singapore market
Related: Argus expands locations for 0.5% sulphur bunker fuel assessment
Related: Argus Media: Singapore delivered marine fuels methodology updated
Related: Argus officially launches 380 cSt, MGO, LSMGO bunker price assessment
Source: Argus Media
Published: 27 February, 2019
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