Maiko Nakashima of global energy and commodity price reporting agency Argus Media on Monday (15 February) published a summary on market developments that resulted in increased HSFO demand in Japan:
Japanese high-sulphur fuel oil (HSFO) demand is gradually rising in line with an increase in the number of vessels fitted with scrubbers.
Japan’s HSFO sales have increased to around 20-25pc of the country’s total bonded bunker demand, from 10-20pc a year earlier, Japanese bunker traders said. Most HSFO supplies are based on long-term contracts, as shipowners look to lock in supplies even after the bulk of the market switched to using very low-sulphur fuel oil (VLSFO) from HSFO following the International Maritime Organization (IMO) 2020 rules.
Major Japanese shipowners chose not to cancel their retro-fit scrubber orders, even when the spread between HSFO and VLSFO prices collapsed during the second quarter of last year because of the Covid-19 pandemic. VLSFO’s premium to HSFO narrowed to just $13/t in June 2020 from $345/t in January.
Japanese bonded marine fuel sales totalled 92,000 b/d of in December, up by 13.6pc from a year earlier and higher up by 1.1pc from November, the latest data released by Japan’s trade and industry (Meti) today show.
Japan’s bonded bunker consumption hit 32.2mn bl (88,000 b/d) in 2020, up by 12.5pc from 2019.
Photo credit and source: Argus Media
Published: 16 February, 2021
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.