A depressed market for marine fuels is to be expected in Q3 2020 due to weak global demand and increasing supplies for bunker fuel across the globe, reports Reuters.
Consulting firms note as countries like China and Brazil continue to increase production, global supply is estimated to rise by 620,000 barrels per day (bpd), placing downward pressure on bunker fuel prices and creating a depressed market.
Inventories were allegedly at a record high in June at northwest Europe, United Arab Emirates and Singapore.
“Until recently, bunker fuel sales at key bunkering hubs were buoyed by opportunistic restocking, but sales volumes have since caught up with the reality of slowing global trade,” said consulting firm Energy Aspects, as quoted by Reuters.
“A meaningful rebound in bunkering demand is unlikely before the end of the summer.”
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.