Global energy and commodity price reporting agency Argus Media in on Wednesday (3 July) provided a marine fuels industry related update on the Russian Far East market:
Rosneft Bunker, the bunkering branch of Rosneft, sold for the first time on Wednesday, International Maritime Organization (IMO) 2020 compliant fuel in dollars to a foreign buyer in the Russian far east.
The 172t lot of 0.5pc sulphur fuel will be sourced from Rosneft's Komsomolsk refinery and delivered to a bulk carrier at the port of Nakhodka. According to local traders the clip was sold at about $20-30/t discount to Argus-assessed Singapore 0.5pc sulphur bunker fuel.
An independent refiner in Siberia also recently started producing IMO 2020 compliant fuel at its tea kettle refinery in Kemerovo oblast. According to local bunkering companies earlier this week the producer sold about 200t of the product to a foreign buyer at around $490-520/t for delivery in Primorsky krai.
Both companies were unable to comment.
Demand for IMO 2020 compliant fuel in the Russian far east ports remains mostly muted but local traders expect buying interest from foreign buyers to rise in August-September as shipowners begin to test the new products on their vessels. Large shipping companies will start procuring 0.5pc sulphur bunkers on a regular basis in October.
Source: Argus Media
Published: 4 July, 2019
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