Profit for Asian refiners for producing Very Low Sulphur Fuel Oil (VLSFO) increased to a one year high in the second week of February 2021 due to shrinking supplies and a steady demand, possibly setting a trend for the year ahead, reports Reuters.
The front-month margin for VLSFO contracts was reportedly at USD 15 a barrel more than Dubai Crude on Tuesday (9 February), up from USD 11.75 from the start of the year.
Analysts purportedly stated tightness in the fuel oil industry will remain a recurring theme throughout 2021 as it ensures any increase in profit margins will be transferred to crude producers if Opec+ producers can continue to withhold supply.
Healthy VLSFO margins have been supported by a steady demand for bunker fuel, which is allegedly close to returning to pre-pandemic levels in most ports worldwide.
While optimistic prices could induce producers to increase VLSFO output in the short term, remaining refinery production cuts and resilient demand could support VLSFO prices throughout the year.
Published: 16 February, 2021
Event will provide a platform for maritime leaders to discuss new opportunities and key competencies for Singapore to achieve its vision of a global maritime hub.
Marine fuels specialists in Singapore, China and Japan provide an update on the dynamics driving the world’s largest bunker market in the current on-demand webinar.
Interested players entering the Singapore bunkering sector will need to own and operate at least two dual-fuelled bunker tankers, in addition to other requirements.
Eleven stakeholders of O.W. Bunker A/S, including representatives of Altor Equity Partners, start suit against the former company auditor over financial statements of Dynamic Oil Trading.
Kumar Balian will oversee technical sales, attend to 2020 queries, and handle OCM’s claims management.
Immediate accommodation for thousands of Malaysians, who make daily border crossings to Singapore to work in petrochemical companies needs to be coordinated.
Associate Director at Helmsman highlights the need to stay up-to-date with latest protocols / measures introduced by MPA, with continuous education of Master and crew of the visiting vessel.
BunkerPlanner Lite is an attempt to educate professionals engaged in bunker decisions about the use of advanced technology in the decision process, explains BunkerMetric CEO Christian Plum.
Senior Associate at Clyde & Co offers guidance to protect shipowners and bunker tanker operators in the event opposing counterparty breaches Covid-19 protocols, resulting in Covid-19 transmission.
Having a surveyor’s watchful eye to detect illegal activities also sends a strong signal to barge and vessel crew not to undertake any intended non-compliance, states VPS Senior Sales Manager.
Bunker tanker owner’s trust in LR and Metcore’s expertise proves duo’s experience in bunkering MFMs and unceasing support made the difference in ensuring trust during bunker transactions.
‘To be clear, the activities undertaken by Ang outside of Sea Hub are categorically unrelated to the current non-active status of the company,’ Glen Lim, Shipping Director of Sea hub, tells Manifold Times.
