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Baltic Exchange: Bunker Report (16 February, 2023)

17 Feb 2023

The following bunker report has been provided by freight market information provider Baltic Exchange for post on Singapore bunkering publication Manifold Times:


This week’s IEA forecast of rising demand for energy is of course bullish for oil markets and freight alike, but the impact is muted until there is sustained proof of greater fuel demand. For bunker markets, ideally this would come in the form of increased chartering activity, especially on the beleaguered Capesize sector. All eyes remain on Asia / China for that. 

US oil inventories are also countering any budding optimism for prices and energy demand. In the US Northeast (a key benchmark for heating oil demand), the unseasonally mild weather has taken its toll on distillates, which are the region’s most prominent heating fuel. We remain in a vortex of concerns over interest rates, demand recovery, and weather volatility. 

Adding to the pot is the increased enforcement of Russian sanctions, with top-tier, first-class owners getting caught in a delivery chain and being denied terminal entry. The notion of a “dark fleet” is getting mixed with a “confused fleet” where cargo documentation and transfer will be under continued scrutiny. This may be mildly bullish for bunker demand in A-R-A & the Med, where ships being forced to re-direct, wait, or turn around will increase fuel consumption and ton-miles. No evidence of a significant fuel demand uptick, as week-on-week rates are fairly consistent, with no major surges or drops compared to last week’s prices.


All values are in US$/metric ton, all-in (invoice price), delivered on board
Delivery in 7-10 days
ISO 8217:2010
IFO 380 3.5% Sulphur
IFO 380 0.5% Sulphur
DMA 0.1% Sulphur

Rotterdam – Waalhaven – Maasvlakte range
Houston – Houston Harbor
Singapore – Anchorage, under SBA Scheme
Fujairah – Offshore Anchorage Area

Submitted weekly at Close of Business on Thursdays

Island Oil Limited, Cockett Marine Oil Pte, Monjasa A/S, KPI OceanConnect, Transparensea Fuels


Photo credit and source: Baltic Exchange
Published: 17 January, 2023

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