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
Developments took place after the announcement of $200 million account discrepancy on Monday.
MSA no longer publishes recommended SPRO Agreement wording and parties are now free to negotiate all terms, updates No
This is the highest ever recorded output in a single month and the feat was also in recognition of the Chinese Commmunist Party’s 100th Anniversary, it said.
‘It is significant to localise the entire process from designing, supplying and manufacturing of LNG tanks.’
Developed for all three low-sulphur bunker fuel typess, Mobilgard 540 allows operators to switch between fuels without compromising on performance, says sales manager.
‘We believe the RTT for bunker surveyors is an effective and good model for Singapore, as the largest International bunkering hub and also a maritime hub, to adopt,’ says IBIA.
The representative was providing clarification to a query from Manifold Times when asked if the bunkering licenses of the Hin Leong Trading affiliated company have been permanently revoked.
Patrizia Cosulich becomes first bunker tanker in Singapore to undertake its Mass Flow Meter extension test using the Master Mass Flow Meter, learns bunkering publication Manifold Times.
Bunker claims totalling SGD 628,000 for 88 deliveries of marine gas oil between the period of 7 February 2020 until 15 April 2020, according to documents obtained by Manifold Times.
Event welcomed over 1,100 attendees from 42 countries; delegates visited virtual booths about 4,800 times; while around 5,800 connections were made, according to data from organiser Informa.
Bunker suppliers and bunker craft operators may choose to carry out meter verification using either existing MIMO method OR with the use of a Master Meter.
Pai Kheng Pheng of Sentek Marine & Trading Pte Ltd on Thursday (8 October) was ordered remanded for a further week for investigations, AGC spokesperson informs Manifold Times.
