Argus: Bunker assessment covered 55% of Singapore spot market on Friday
The Singapore bunker spot assessment of price reporting agency Argus Media reached a new milestone, increasing its coverage of traded 380 centistokes (cSt) grade and low sulphur marine gas oil (LS MGO) at the republic, on Friday.
It recorded a total of 39 transacted bunker deliveries totalling 40,795 metric tonnes (mt) on 9 November; in detail, the service assessed 39,745 mt of 380 cSt grade and 1,050 mt of LS MGO.
The price assessments of 380 cSt grade and LS MGO were respectively $492.63 per mt and $661.36 per mt on Friday.
“We believe this figure represents at least 55%(*) of the spot deals conducted at Singapore,” shared Alan Bannister, head of Asian business development for Argus.
“It is estimated half the total bunker volume in the republic are done on the spot market.
“Another statistic is that we had 390 deals submitted during the month of October.
“Over 30 different companies, comprising of 21 suppliers/traders and 10 shipowners, have submitted deals since we launched the new methodology in June.”
Argus’ Singapore bunker spot assessment last reached a milestone in August when it recorded a total of 23,430 mt of 380 cSt and LS MGO deals.
In September, the company became the first price reporting agency to announce an assessment for low sulphur fuel oil delivered bunkers.
*Methodology of 55% calculation using MPA bunker volume for Nov 2017:
Nov 2017 volume for 380 cSt and LSMGO: 3,146,600 mt + 107,600 mt = 3,254,200 mt
Daily traded (half on spot market): (3,254,200 mt x 0.50) / 22 working days = 73,959 mt
Argus assessment on 9 November: (40,795 mt / 73,959 mt) x 100 = 55.2%
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Related: Argus Media’s Singapore bunker spot assessment reaches new milestone
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Photo credit: Argus Media
Published: 12 November, 2018
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