The following bunker report has been provided by freight market information provider Baltic Exchange for post on Singapore bunkering publication Manifold Times:
Earlier this week, Morgan Stanley issued their revised 2023 oil demand expectation, by some +36%, citing increased demand in China and a firm outlook for jet fuel consumption this spring/summer in the northern hemisphere. It will be interesting to see if travel actually realizes those expectations, since the continued raises in interest rates are impacting the broad ‘consumer discretionary’ sector. With rises in consumer staples (groceries most notably the complaint on main street), and higher payments coming due on credit cards, whether or not the masses will take to the skies this summer has yet to be seen. In Europe and the US, a series of power outages, labor actions, technological gremlins, and equipment redirections have recently been causing big delays & numerous cancellations on the key trans-Atlantic corridors. Next week we will look at the US TSA Throughput numbers to see how aviation demand compares to spring 2022, which many believe was the first ‘post-covid’ holiday wave. Specifically in the bunker market, prices are flat to slightly negative week-on-week, but the VLSFO grade specifically is being hard-hit in Singapore and Fujairah with a 9-10% drop, and increased availability.
All values are in US$/metric ton, all-in (invoice price), delivered on board
Delivery in 7-10 days
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: 24 February, 2023
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