Nick Mai of global energy and commodity price reporting agency Argus Media on Tuesday (4 August) published an update on the effects of Typhoon Hagupit on the bunker trades in Zhoushan, China’s main bunkering port:
Port operations have been suspended at Zhoushan port in China’s Zhejiang province, after Typhoon Hagupit made landfall this morning, a Zhoushan government official said. The suspension is expected to last until 7-8 August, based on the current weather forecast.
Over 25,000t of marine fuels traded on a spot basis for delivery during 4-8 August will be delayed, based on estimates of trade volumes reported to Argus. Argus assesses the Zhoushan bunker index based on reported spot trades on a volume-weighted average basis, as well as at Shanghai port.
The delays do not appear to have affected spot trades for delivery in mid-August, with about 4,000t of combined spot traded volumes reported on 3 August in Zhoushan, including very-low sulphur fuel oil (VLSFO), marine gasoil and high-sulphur fuel oil. Shanghai recorded nearly 2,500t of VLSFO spot trades yesterday.
Prices of bunker fuels are also unaffected. The VLSFO volume-weighted average price fell by just by $1/t to $338.90/t in Zhoushan yesterday from 31 July while the Shanghai VLSFO price also fell by about $1/t to $346.60/t.
Zhoushan is China’s main bunkering centre, which the government has been pushing as an alternative to the regional hub of Singapore.
Photo credit and source: Argus Media
Published: 5 August, 2020
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Course includes topics on valid and binding transactions; quality or quantity disputes; shipping issues; contract termination; claims; insolvency and others. Registration closes 25 February 2021.
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