Global energy and commodity price reporting agency Argus Media on Tuesday (1 October) provided a marine fuels industry update:
Turkish marine fuels supplier Energy Petrol has become the first firm to offer 0.5pc sulphur marine fuel oil in the country.
The supplier started offering the new grade today and sold 2,500t on contract for delivery in October. The grade will be compliant with the International Maritime Organisation (IMO) global 0.5pc sulphur cap from 1 January 2020. Energy Petrol decided to speed its supply plans to 1 October because local refineries are producing less and less high-sulphur fuel oil (HSFO).
The new grade is offered at a premium of around $200/t to high-sulphur 380cst fuel oil — the most popular grade — and around a $75/t discount to 0.1pc sulphur marine gasoil (MGO).
Energy Petrol has converted four of its 17 marine fuel storage tanks to 0.5pc fuel oil and cleaned two of its 10 200-3,500 dwt bunker barges to accommodate the new grade. All its marine fuels are stored in the Altintel Liman terminal in Gebze, from where it is brought by barges to bunkering locations in the ports of Istanbul to the west and Izmit to the east.
Energy Petrol plans to supply marine HSFO in 2020 on term contracts, but is waiting to gauge demand before allocating storage and barges, sales director Deniz Muhtaroglu said. Only ships with exhaust scrubber cleaning equipment will be allowed to continue to burn HSFO.
Energy Petrol supplies around 14pc of the 3mn t/yr Turkish marine fuels market.
Source: Argus Media
Published: 3 October, 2019
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