Argus Media’s new Singapore bunker spot assessment service has reached a major milestone, capturing around 30pc of the market for the first time.
Argus reported a record 22 deals totalling 23,430 metric tonnes (mt) on Friday 24 August, split between 17 deals of the 380 centistokes (cSt) grade and five deals of low-sulphur marine gas oil (LS MGO).
The figure is about 30% of the total spot fixed market in Singapore, explains Sammy Six, Marine Fuels Pricing Analyst at Argus Media. The firm’s Singapore bunker spot assessment service has been averaging about 10 deals per day since it was launched 10 weeks ago.
“When we started in June, there were only a handful of inputs; now, the participation has increased to the extent that it clearly shows there is a real interest out there for a more accurate and reflective market benchmark for marine fuel,” Six told Manifold Times.
“To date a total of 25 different companies, such as suppliers — including many of the top bunker players in Singapore — as well as shipowners and brokers have so far submitted deals.”
According to Six, the current development shows Argus Media also has a headstart providing a benchmark for LS MGO.
Market players are already reporting their deals to the pricing agency, well ahead of the deadline of July 2019 when Singapore introduces mass flowmeter (MFM) bunkering operations for the material.
“Argus has clearly taken the lead in providing the market with a robust and representative assessment come 2019, when Singapore introduces MFM for LS MGO bunkering,” he notes.
“The next phase is to have companies use the Argus price assessment in their contracts, with the possibility to hedge using swaps to be introduced at a later stage.”
Argus Media and the International Bunker Industry Association (IBIA) are jointly organising the Singapore Bunker Fuel Seminar on 31 August, 2018.
Related: Argus officially launches 380 cSt, MGO, LSMGO bunker price assessment
Related: Argus Media discusses Singapore bunker price assessments
Related: Argus Media and IBIA organises Singapore bunker fuel seminar
Photo credit: Argus Media
Published: 28 August, 2018
Six-month global trial will involve up to 32 containerships running on a different blends of biofuel to measure CO2 and nitrogen oxide NOx emissions to obtain trend analysis.
Monetary Authority of Singapore imposed the civil penalty on Noble Group wholly owned subsidiary NRI for publishing misleading information in its financial statements.
Singapore-based firm was awarded the certificate for CARBON LENS system that analyses and records flow of emitted CO2 from each stack of a vessel quickly and accurately.
Hin Leong Trading affiliated entity Ocean Bunkering Services purportedly told customers that it would halt deliveries as soon as Friday (17 April), reports Reuters.
Developments took place after the announcement of $200 million account discrepancy on Monday.
Prompt stems at high premiums in Singapore; Zhoushan’s OPL bunkering faces weather disruptions; availability tight in Fujairah.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
Headway will launch a new fuel supply system suitable for alternative bunker fuels such as hydrogen and ammonia; to focus on procurement and construction of carbon capture systems in 2023 following R&D.
Competition for FAME from aviation and road transportation sectors have resulted in some shipowners resorting to adopt more readily available CNSL blends as biofuel for vessels, explains Steve Bee.
