Low sulphur fuels price on Wednesday (12 February) reached record lows in the market downtrend from the start of the year, as demands slowed down, as reported in Reuters.
In Singapore, front-month backwardation in the very low sulphur fuel oil (VLSFO) market fell from a record USD 22 a tonne on 20 January to USD 2 a tonne this week, while its refining margin fell to 2-1/2 month low of USD 16.35 a barrel above Brent crude, down from a record USD 29.35 at the start of 2020, Refinitiv Eikon data showed.
Trade sources have indicated that bunker fuel demands typically slows down during the Lunar New Year holiday however the spread of coronavirus in China has exacerbated the downturn period.
Reuters reported the cooling of low sulphur fuels price are also an early sign of stabilising market fundamentals after months of volatility due to the industry adoption of Marpol Annex VI rules by the International Marine Organization (IMO).
“Demand just isn’t there,” said Starfuels Dubai Oil Broker Matt Stanley, as quoted by the news agency.
“With China on lockdown really for all of Q1, demand is going to inevitably collapse.”
The Chief Shipping Analyst at BIMCO has released a report highlighting negative implications of the coronavirus outbreak on the shipping industry on a global scale
Manifold Times earlier reported the Coronavirus affecting scrubber production in China.
Related: BIMCO: Coronavirus impacting the global shipping industry
Related: The Standard Club: Scrubber installation delays in China due to Novel Coronavirus outbreak
Photo credit: Image by Pexels from Pixabay
Published: 13 February, 2020
Expands fleet size and assets base from the current two vessels to nine; with yearly profit guarantee of approximately RM2.75 million for next two financial years.
The company cannot by reason of its liabilities continue its business; it will be placed under care of BDO Advisory to oversee the winding up process.
Wang Wei tendered his notice in accordance with a three-year service agreement, says company.
Argentinian Coast Guard now requires all vessels bunkering at Zona Comun to arrange for an ORSO to respond to any oil spillage within 60 minutes of occurrence.
P&I Club Steamship Mutual Underwriting Association (Europe) Limited has issued letter of undertaking to STI Orchard assuring total liability of not more than USD 17 million, show court documents.
A total 4.16 million metric tonnes (mt) of bunkers was sold at the republic in July, more than 3.88 million mt posted during July 2019, reports MPA data.
On 5th June 2021, VPS carried out a Remaining On Board (R.O.B.) survey on board a Singapore-registered bunker tanker at short notice by the Charterer and quickly identified the theft of 98 metric tons of bunker fuel.
The Bunkerchain Pte Ltd and Helmsman LLC sponsored event will be moderated by Gabian Chew, Senior Editor of Singapore bunkering publication Manifold Times.
No quarantine required if vessels have not called at Brazil, India, Nepal, Pakistan, the Philippines and South Africa during the 21 days prior to arrival at Hong Kong port, according to Marine Department notice.
CCIC discuss the progression of MFM technology for bunkering at Singapore port with Manifold Times; and possible development of a primary facility for MFM calibration.
‘The acquisition of PGI Industries will enhance VPS’ preventative maintenance services offered to the power sector, increasing protection and sustainability of the asset,’ says Malcolm Cooper, CEO, VPS.
A foreign vessel was involved in an alleged unauthorised STS incident with bunker tanker Pearl Melody on 5 June, Director and General Manager of Consort Bunkers tells Manifold Times.
14 Jun 2021
