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ENGINE: East of Suez Bunker Fuel Availability Outlook

HSFO availability tight in Singapore; several South Asian ports face possible weather disruptions; strong demand in Fujairah.

Published

3 years ago

July 12, 2023

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ENGINE East of Suez Bunker Fuel Availability Outlook

The following article regarding regional bunker fuel availability outlook for the East of Suez region has been provided by online marine fuels procurement platform ENGINE for publication on Singapore bunkering publication Manifold Times:

11 July 2023

HSFO availability tight in Singapore
Several South Asian ports face possible weather disruptions
Strong demand in Fujairah

Singapore

A source says Singapore has been witnessing “average” demand so far this week. Availability of HSFO remains tight in port, with recommended lead times of 9-13 days – virtually unchanged from last week.

Prompt VLSFO availability also remains tight in the East Asian bunker hub, with some suppliers advising lead times of 6-9 days – almost unchanged from last week. On the other hand, LSMGO remains readily available for prompt delivery dates.

Residual fuel oil stocks in Singapore averaged 5% higher in June than in May, data from Enterprise Singapore shows. Singapore’s net fuel imports surged massively by 42%, to their highest level in more than a year. While fuel oil imports rose 17% in June, fuel oil exports fell by 24%, reaching their lowest level since last October. This has comfortably tilted the port’s trade balance into net imports in June.

The port’s middle distillate stocks were also up, rising by 5% on the month.

East Asia and Oceania

Weak demand and weather-related disruptions have kept tightness in check in Zhoushan, a source says. Availability remains good across all grades, with short lead times of 2-5 days, however, deliveries are subject to weather conditions.

Bunker operations have been suspended by rough weather at three of Zhoushan’s anchorages since Monday. But some suppliers can still deliver bunker stems via barges but depending on the weather conditions. The queue time for bunkering at Mazhi was around two days on Tuesday, the source adds.

Strong wind gusts of 20-32 knots and waves of almost a metre are forecast to persist in the Chinese bunkering hub until 17 July, which might keep bunkering suspended for a while.

Demand has been low in Hong Kong so far this week. Availability across all grades remains good, with unchanged lead times of around seven days.

Meanwhile, securing VLSFO stems can be difficult in South Korean ports. The grade remains subject to enquiry as it has been for the past week. Most suppliers, that were offering LSMGO and HSFO at lead times of 4-11 days in the past week, are now offering both grades at 6-10 days.

The South Korean ports of Ulsan, Onsan, Busan, Daesan, Taean and Yeosu are forecast to experience adverse weather conditions intermittently between 12-16 July, which could disrupt bunker deliveries.

Adverse weather conditions are also forecast on 16 July in the Philippine port of Subic Bay, between 15-18 July in the Thai ports of Koh Sichang and Leam Chabang, between 16-17 July in the Vietnamese of Ho Chi Minh, and between 11-16 July in the Kiwi port of Tauranga, which might hamper bunker operations.

South Asia

VLSFO and LSMGO grades can be delivered with around 2-3 days of lead time in Kandla on the northwest coast of India, and southern ports of Cochin and Chennai.

A source says that availability of both grades remains tight in the Indian ports of Mumbai, Visakhapatnam and Paradip and delivery dates are subject to availability. On the other hand, the supply of both grades remains subject to enquiry in Tuticorin port on the southeast coast and Haldia on the east coast.

Rough weather is forecast in the Indian west coast port of Sikka between 18-19 July, which could impact bunkering.

Swells of more than a metre are predicted to hit the Sri Lankan port of Colombo between 18-19 July, which might disrupt bunker deliveries.

Middle East

All grades remain tight in Fujairah amid good demand. Lead times of 5-7 days are recommended – virtually unchanged from last week. However, some can supply all grades for prompt dates, but these deliveries are subject to stem size.

Some suppliers can offer all grades at lead times of 5-7 days in the UAE port of Khor Fakkan.

The Omani ports of Duqm, Sohar, Salalah and Muscat have good availability of LSMGO, with prompt dates available.

By Tuhin Roy

Photo credit and source: ENGINE
Published: 12 July, 2023

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OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

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Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

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As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

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