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:
Bunker fuel availability remains tight across all grades in Singapore. VLSFO is particularly tight and prompt deliveries are difficult to find.
Prompt VLSFO deliveries in Singapore have recently been priced at least $30-40/mt higher than for dates further out, sources say. Recommended lead times are around 12-15 days for VLSFO and 9-10 days for HSFO, while LSMGO lead time a shorter 8-9 days.
Demand remains normal in Singapore, but more buyers have been looking to procure bunkers for prompt dates. Some suppliers are struggling to deliver prompt stems in Singapore as barge availability is tight, sources say.
Singapore’s fuel oil imports fell by 19% in the week to 15 June after mass inflows in the previous three weeks. But its average imports in June so far have still outweighed May’s average.
According to cargo tracker Vortexa, the bulk of fuel oil imports have arrived from the UAE, Venezuela, Bahrain and Iran so far in June.
Bunker demand remains strong in Hong Kong and supply is not keeping up with demand, making lead times more unpredictable, sources say.
Availability is expected to improve in the first half of July as more replenishment cargoes are set to arrive, a source says. Some suppliers can offer limited quantities of HSFO and LSMGO from 26 June at the earliest, and VLSFO from 30 June onwards in Hong Kong.
Bunker fuel availability has improved in South Korean ports. A refinery that paused offering volumes to bunker ports has resumed VLSFO offers again. This has relieved some pressure on availability, sources say. Recommended lead times for VLSFO and LSMGO are around six days in southern and western South Korean ports.
VLSFO availability has improved in Zhoushan. Recommended lead times are 4-5 days out. LSMGO remains readily available.
Bunkering was suspended by rough weather in Zhoushan at the start of the week, but had resumed by Tuesday. The weather is expected to remain erratic throughout this week and could trigger more delays or suspensions, sources say.
HSFO remains tight in Zhoushan as the product is available from only some suppliers.
Prompt VLSFO availability is tight in Shanghai. A supplier is expected to receive VLSFO replenishment cargo in early July, which could help the port’s overall supply of the grade, sources say.
VLSFO availability is normal in Indonesia’s Jakarta and Surabaya. Recommended lead times are around 3-5 days.
Bunker fuel availability in India’s Mumbai is normal. The weather is much better now, allowing suppliers to deliver stem smoothly, sources say. Prompt VLSFO and LSMGO stems are available with some suppliers in Mumbai.
VLSFO availability is tight in Vishakhapatnam on India’s east coast as a supplier is running low on stock. LSMGO is more readily available, a trader says. VLSFO and LSMGO availability are normal in southern India’s Cochin.
Availability remains tight in Mundra. Recommended lead times for VLSFO are around 9-10 days. LSMGO remains out of stock.
In Sri Lanka’s Colombo, availability is slightly tight across all grades. Recommended lead times for VLSFO and LSMGO are around seven days. A supplier is running low on VLSFO stock, adding pressure on others’ supply, sources say.
All fuel grades are in tight availability for prompt dates in Fujairah. Some suppliers are fully booked for this month and can offer deliveries from 4 July onwards, a trader says.
VLSFO availability is tight in Fujairah, lifting prices for prompt stems considerably above those delivered further out. A supplier can offer VLSFO from 1 July onwards. Recommended lead times across all grades are around 13-15 days.
Amid tight availability in Fujairah, some enquiries have been shifted to Omani ports such as Sohar and Duqm, adding pressure on availability in these ports. VLSFO is almost out of stock in Sohar, but availability is expected to improve with replenishment cargoes arriving in the coming days, sources say.
Sohar has seen a spike in enquiries because of its proximity to Fujairah, while demand is more normal in Duqm, a trader says.
LSMGO availability is normal in Salalah.
Bunker fuel availability remains tight in Port Suez, making lead times more unpredictable. Some suppliers have limited prompt delivery slots left to offer.
Photo credit: ENGINE
Published: 22 June, 2022
Cai Zhi Zhong received a total of about USD 1.3m to USD 1.6m, of which he saved a portion and spent the rest, including on property, cars and watches, according to court documents obtained by Manifold Times.
‘MFMs will continue to have a place within the bunkering sector even when the shipping industry continues to adopt new types of marine fuels, such as LNG, biofuel, methanol, ammonia and hydrogen,’ states spokesman.
Current ISO 8217 bunker fuel standard not comprehensive enough for biofuels; National Mirror Committee working with local players to develop more comprehensive biofuels standard for Singapore, says Capt. Rahul.
‘There are some important differences between VLSFO and biofuels, and as a result, parties should consider whether additional changes should be made to biofuel bunker contracts,’ says Paul Collier.
Quek Rong Hong first joined Shell sometime in 2005 and had held the position of Blending Specialist from November 2017. At the time of arrest, his monthly basic salary was about SGD 4,300, showed documents.
Glencore previously commenced Singapore International Arbitration Centre Emergency Applications against Straits Pinnacle but those applications were dismissed, according to documents obtained by Manifold Times.