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
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.