Global energy and commodity price reporting agency Argus Media on Thursday (4 January) provided an industry update on the Taiwan bunker market:
Singapore, 3 January (Argus) — Taiwanese state-owned refiner CPC started offering from 2 January a 0.5pc sulfur, 180cst maximum low-sulphur marine residual fuel (LSFO) at its ports of Kaohsiung, Taichung, Keelung, Suao and Hualien.
The new LSFO bunker fuel will have a maximum of 0.5pc sulphur by mass, a maximum viscosity of 180cst, a density of 0.991 kg/l at 15°C, a minimum flash point of 60°C and a maximum pour point of 30°C.
Taiwan has implemented a 0.5pc maximum sulphur limit for vessels entering its international ports since 1 January, similar to China. This is one year ahead of the global implementation of the 0.5pc sulphur cap, mandated by the International Maritime Organisation (IMO). The company already offers a 0.5pc marine gasoil (MGO), which it has added to its portfolio of bunker fuels since 1 March last year.
CPC publishes posted prices for its various marine fuels on a daily basis on its website. The company for the first time on 2 January included its 0.5pc LSFO quote at a price of $489/t, compared with $384/t for 380cst HSFO and $575/t for MGO. The price of 0.5pc LSFO bunkers is based on a "cost plus" model, which takes into account the additional costs for cleaning of the pipes to deliver LSFO as there is no specific barge for 0.5pc fuels currently, as well as other costs, according to a company source.
The LSFO bunker grade will be delivered by barge at Keelung, Taichung and Kaohsiung, while Suao and Hualien will only have available deliveries by truck.
The LSFO bunker fuel is a straight-run fuel and produced at CPC's two operating oil refineries at Taoyuan and Dalin, which have a combined daily refining capacity of 500,000 b/d. Its refineries can produce only fuel oil with a maximum viscosity of 180cst.
CPC is the first oil company in Asia to start publishing posted prices for a 0.5pc LSFO bunker fuel, which can provide some early indications of market value for compliant marine fuels until a more liquid physical market develops later this year.
Source: Argus Media
Published: 4 January, 2019
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