Enes Tunagur of global energy and commodity price reporting agency Argus Media on Thursday (16 January) issued a report highlighting swelling inventory of low-sulphur fuel stocks in floating storage units off Singapore:
The IEA said there is between 7mn and 8m t of fuel oil compliant with the new sulphur emissions rules in floating storage off Singapore, the world’s largest marine fuels hub.
Onshore inventories are swelling too — stocks there, including high-sulphur fuel oil (HSFO) and product compatible with the International Maritime Organisation (IMO) rules, reached a seven-month high of 3.5mn t in the week to today, up from 3.4mn t in the prior seven days.
All this product at the world’s largest bunkering hub has not prevented shortages emerging. Marine insurer Standard Club said this week that availability is a concern there and in other regional ports. This could be because of constraints in bunker delivery infrastructure during the transition to low-sulphur fuels, as rapidly increasing demand for IMO-compliant products this year led to longer delivery times.
Any shortfall in Singapore could also be down to China sourcing compliant fuels from the hub. But China approved a tax rebate on fuel oil exports last week and this could result in Chinese 0.5% fuel oil exports to Singapore in coming months. Cargo prices of 0.5% fuel oil in Singapore have fallen by $30.25/t since the Chinese tax decision, to $570.50/t today, having reached an all-time high at $653.75/t on 6 January.
The IEA said vessels and bunker suppliers are largely favouring 0.5% sulphur fuel oil over marine gasoil (MGO) to comply with the rules that capped maximum sulphur content at 0.5% as of 1 January, and that concerns about quality and compatibility are fading. It said the narrowing spread between 0.5% sulphur fuel oil and MGO in the fourth quarter of 2019 supports this view.
The IEA said HSFO refining margins were stronger in Singapore than Europe, because of a higher number of very large crude carriers (VLCC) using exhaust gas scrubbers in Asia-Pacific to continue burning the dirty product.
Photo credit: Argus Media
Published: 17 January, 2020
Contracts expected to list on 22 June; INE is holding a two-day webinar in English and Chinese to address contract specifications for market participants.
“There is significant potential for fuel and emissions reduction in Ro-Ro ships as they are normally on fixed routes,” says Senior Vice President of Sales at Corvus.
‘Shipowners must urgently prepare their ship specific implementation plans for 2020,’ says Esben Poulsson.
Trio allegedly bribed employees of surveying companies who inspected receiving vessels to misreport the amount of gas oil loaded, reports The Business Times.
Uncertainty about the economic life of a ship ordered today that has to operate in a future world with uncertain regulations affects asset investment, said President.
MPA has reviewed and revised certain requirements for crew change; crew from specific low risk countries may no longer be required to serve the full SHN.
On 5th June 2021, VPS carried out a Remaining On Board (R.O.B.) survey on board a Singapore-registered bunker tanker at short notice by the Charterer and quickly identified the theft of 98 metric tons of bunker fuel.
The Bunkerchain Pte Ltd and Helmsman LLC sponsored event will be moderated by Gabian Chew, Senior Editor of Singapore bunkering publication Manifold Times.
No quarantine required if vessels have not called at Brazil, India, Nepal, Pakistan, the Philippines and South Africa during the 21 days prior to arrival at Hong Kong port, according to Marine Department notice.
CCIC discuss the progression of MFM technology for bunkering at Singapore port with Manifold Times; and possible development of a primary facility for MFM calibration.
‘The acquisition of PGI Industries will enhance VPS’ preventative maintenance services offered to the power sector, increasing protection and sustainability of the asset,’ says Malcolm Cooper, CEO, VPS.
A foreign vessel was involved in an alleged unauthorised STS incident with bunker tanker Pearl Melody on 5 June, Director and General Manager of Consort Bunkers tells Manifold Times.
14 Jun 2021
