Business

ENGINE: East of Suez Bunker Fuel Availability Outlook

HSFO and VLSFO availability tight in Singapore; South China ports brace for typhoon Doksuri; LSMGO availability good across Oman.

Published

2 months ago

July 26, 2023

Admin

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:

25 July 2023

HSFO and VLSFO availability tight in Singapore
South China ports brace for typhoon Doksuri
LSMGO availability good across Oman

Singapore

HSFO availability has been tight in Singapore amid strong demand for the grade and some suppliers running low on stocks, a source says. Some suppliers are recommending lead times of almost two weeks for HSFO – virtually unchanged from last week.

Meanwhile, the VLSFO market also remains under pressure due to sluggish bunker demand amid increasing supply. More VLSFO has been imported by suppliers and bunker traders in Singapore, with imports increasing by 43,000 b/d from June to 504,000 b/d in July, according to cargo tracker Vortexa.

Despite ample supply of VLSFO, prompt availability remains under pressure and lead times of 9-12 are still recommended for bunker deliveries in the East Asian bunker hub – slightly up from last week.

LSMGO is more readily available, with relatively shorter lead times of 5-8 days.

East Asia and Oceania

Weak demand coupled with recent weather-related disruptions has ensured steady supply for all grades in Zhoushan. But bunker deliveries are still subject to weather conditions, a source says.

Bunker deliveries have been suspended by bad weather since Friday in Zhoushan’s OPL area, a source says. Bunkering at Zhoushan's slightly more sheltered Xiushandong anchorage could be suspended on Wednesday if bad weather persists, the source adds.

Adverse weather conditions are forecast to persist for the remaining days of this month, which could keep bunkering halted. The source asserts that it is “hard to tell” when bunkering will fully resume in the Chinese bunkering hub.

China Meteorological Administration has issued an alert for upcoming typhoon Doksuri, which is predicted to make landfall between the Chinese provinces of Fujian and Guangdong provinces on Friday. This might disrupt port operations in the southern part of China.

All bunker fuel grades remain in ample supply in Hong Kong, with unchanged lead times of around seven days.

Meanwhile, the availability of all grades has tightened in South Korean ports. Some suppliers, who were offering all bunker fuel grades at lead times of around 2-6 days, are now offering the grades at longer lead times of 5-8 days.

Bad weather conditions are forecast in the South Korean ports of Ulsan, Onsan and Busan between 26-30 July, in Daesan and Taean between 29-30 July, and in Yeosu between 28-30 July, all of which might disrupt bunker operations.

Adverse weather conditions are also predicted intermittently in the Philippine port of Subic Bay between 25 July and 1 August, the Thai ports of Koh Sichang and Leam Chabang between 27 July and 1 August, the Vietnamese port of Ho Chi Minh between 26 July and 1 August, and the Kiwi port of Tauranga between 25-27 July, which could disrupt bunkering.

Taiwanese and Philippine authorities have also raised typhoon alerts for Doksuri.

South Asia

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

A source says both grades remain relatively tight in Mumbai and Visakhapatnam and deliveries are subject to availability. Meanwhile, supply is subject to enquiry in Tuticorin port located on the southeast coast and Haldia on the east coast as it has been in recent weeks. A supplier in Paradip on the eastern coast of India is almost out of stock for both grades.

Rough weather is forecast to hit the Indian ports of Kandla, Sikka and Visakhapatnam between 28-29 July, 26-27 July and 26-27 July, respectively, which may hamper bunker deliveries.

Middle East

Prompt availability of VLSFO remains under pressure in Fujairah, with one supplier recommending lead times of 5-8 days – virtually unchanged from last week. Lead times for LSMGO and HSFO have also remained unchanged at 5-7 days in Fujairah. But some suppliers can offer all grades at prompt dates, these deliveries are subject to stem size, a source says.

Suppliers can offer LSMGO in the Omani ports of Muscat, Duqm, Salalah and Sohar, with prompt deliveries in 1-2 days possible.

By Tuhin Roy

Photo credit and source: ENGINE
Published: 26 July, 2023

Up Next

ENGINE: Europe & Africa Bunker Fuel Availability Outlook

Don't Miss

Singapore gets ready for its first methanol bunkering this week after one year preparation

Events

Singapore: PS Energy Group unveils new brand identity and moves to a new office

The group including its inland and marine bunkering units PS Energy Pte Ltd and CNC Petroleum Pte Ltd has underwent rebranding and moved to JTC Summit.

Published

4 hours ago

October 4, 2023

Admin

Last mile fuel distribution company PS Energy Group, including its inland and coastal and marine bunkering units, PS Energy Pte Ltd and CNC Petroleum Pte Ltd, has introduced a fresh brand identity learns Manifold Times.

The firm has unveiled its new company logos and branding that reflects its remarkable transformation as a company.

“Over the past few months, we have been working hard to create a new visual identity that truly captures the essence of who we are as a company which we hope will resonate, inspire trust, and build meaningful connections with our customers,” Sean Chua, Managing Director told Singapore-based bunkering publication Manifold Times.

“Our new logo embodies the core values and aspirations that have guided us throughout our journey, while incorporating elements that represent our vision and direction for the future. With its circular shape, the new logo depicts an entity in motion and embodies PS Energy Group’s agility, focus on innovation, and accessibility.”

The firm’s updated branding encompasses a comprehensive visual identity system that is now being integrated across all its assets and communication channels, including its inland and marine fleet, website, and social media platforms.

Besides the new brand identity, the Group has recently moved to a new and improved office space at the JTC Summit in Singapore. The firm said its team spent considerable time and effort in searching for the perfect location that aligned with its vision and values of providing the best service possible to its clients.

“The move represents a significant milestone in our company's journey and marks a new chapter of growth and opportunity. Our new office brings a host of exciting features and amenities that will undoubtedly elevate the overall experience for everyone involved,” according to Sean.

“From spacious workstations and ergonomic furniture to cutting-edge technology and collaborative spaces, we have designed the new office with both functionality and comfort in mind. We believe that this new workspace will foster even greater creativity, productivity, and collaboration among our team members, enabling us to deliver exceptional results and exceed the expectations of our clients.”

PS Energy Group’s new address is as follows:

8 Jurong Town Hall Road
#24-01 The JTC Summit
Singapore 609434

Photo credit: PS Energy Group
Published: 4 October, 2023

Business

Malaysia: Straits Energy proposes to list oil bunkering and shipping segment on Nasdaq

In a filing with Bursa Malaysia, the firm announced its intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange via a public offering.

Published

4 hours ago

October 4, 2023

Admin

Malaysia-listed Straits Energy Resources Berhad on Monday (2 October) announced the company’s intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange in the United States by way of a registered public offering.

In a filing with Bursa Malaysia, the firm said it intends to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping related services segment, for the purpose of forming a separate listing group or Spin-Off Group suitable for the listing on NASDAQ.

“It is envisaged that these subsidiaries to be comprised in the Spin-off Group will continue to remain as

subsidiaries of Straits upon the completion of the Proposed Listing,” the company said.

Straits Energy added it will make a detailed announcement in relation to the proposed listing in due course, once the board of directors has finalised and approved the terms and structure of the exercise.

It said the listing would enable the Spin-Off Group to gain recognition and corporate stature through the listing status of its own on NASDAQ.

The company added the listing would further enhance its corporate reputation and profile which will be conducive in expanding its customer base whilst allowing the Spin-Off Group to expand and establish its global presence.

The proposed listing would also enable the Spin-Off Group to gain access to the capital market in the United States for capital raising and to provide the Spin-Off Group with financial flexibility for future expansion and growth.

It will also unlock shareholders' value in the oil bunkering and shipping related services and provide transparent valuation benchmark for the same on NASDAQ, it added.

Manifold Times previously reported marine fuel logistics firm CBL International Limited (CBL International), an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd announced it would be listed on Nasdaq.

Later, Manifold Times did an exclusive interview with Banle Group who shared insights on the successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market

Photo credit: Straits Energy Resources Berhad
Published: 4 October, 2023

Employment

VPS announces new appointments for key positions

Andrew Morton has been appointed to the role of Managing Director AMEA while Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships.

Published

4 hours ago

October 4, 2023

Admin

VPS announces new appointments for key positions

Marine fuels testing company VPS on Tuesday (3 October) announced the appointment of Andrew Morton to the role of Managing Director AMEA (Asia, Middle East and Africa).

In this role, Andrew will apply his experience and knowledge to lead the delivery of VPS services to these important and growing regions. He joins VPS having spent the last 17 years working in the oil and gas industry, most recently with TotalEnergies in various positions and countries.

These included technical, commercial, management, mergers and acquisitions and most recently the New Energies space, including renewable energy, biogas and fuels, hydrogen and LNG. He has a BSc (Hons) in Chemistry and started his career in research and development in the lubricants industry for Fuchs.

Dr. Malcolm Cooper, VPS CEO, stated “We are delighted to welcome Andrew on board as our MD AMEA. His background and experience will be helpful in supporting our customers in these important Regions, particularly in the rapidly developing decarbonisation space.”

Andrew Morton, said: “I am delighted to join VPS and the team and take over the role of Managing Director - Asia, Middle East and Africa. It is a privilege to join the global market leader and to manage a zone where the maritime industry is growing. I look forward to working with the various companies and associations across the industry to help them with their decarbonisation journey.”

VPS also announced that Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships. In this role, Rahul will use his network to enhance and further develop relationships with customers and operators from across the shipping ecosystem to help VPS support their decarbonisation journey.

Dr. Malcolm Cooper, VPS CEO, stated “Captain Rahul is well-known across the Maritime sector and he has been the figurehead for VPS Asia and the Middle East for many years. He has been instrumental in many developments within VPS and across the shipping industry, making significant contributions to developments through a wide range of Committees and organisations.”

“His new role will enable him to focus more on our external relationships, which are of growing importance as we aim to support the shipping sector on it’s decarbonisation journey. We in VPS are very proud of Rahul’s achievements to date and we know there will be more to come.”

Rahul, said: “I am looking forward to this new opportunity. This role will allow me to use my experience and close relationships to strengthen, build and develop the industry partnerships needed to deliver new decarbonisation solutions offered by VPS. My work with industry associations allows a greater professional engagement with stakeholders to take the industry forward in challenging times”.

Photo credit: VPS
Published: 4 October, 2023