Platts, part of S&P Global Commodity Insights, said it launched a new blended bio-bunkers assessment in Singapore called Platts Bio-Bunkers B24 Singapore (ABUNA00), effective 8 May, 2023.
“The growing interest in biofuels, coupled with the global move towards decarbonising the shipping sector, are making Singapore an important bio-bunkers blending hub,” it said on its website.
The new Singapore delivered B24 bio-bunkers calculated assessment reflects a ratio of 76% fuel oil based on Platts benchmark Marine Fuel 0.5% Bunker Dlvd Spore $/mt assessment (MFSPD00) and 24% Used Cooking Oil Methyl Esther (UCOME) based on the Platts UCOME FOB Straits $/mt assessment (UCFCB00).
The B24 bio-bunkers assessment is normalised to the same basis using coastal freight in Singapore derived from Clean Singapore-Singapore 30kt MR Lumpsum (PFAEE00), Storage costs in Singapore On-Shore Tanks (ABUNB00) and delivery costs that are calculated using the spread between Marine Fuel 0.5% Bunker Dlvd Spore (MFSPD00) and Marine Fuel 0.5% Bunker Ex-wharf Spore $/mt (MFSPE00). The final calculation reflects the value for delivered B24 bio-bunkers in the Singapore Straits, inclusive of barging and associated costs.
The 24% blend of renewable fuels in bio-bunkers is in compliance with the advised blend rate set by the Maritime & Port Authority of Singapore as well as reflecting feedback from the industry, including data on trial runs done in the region in recent years.
The assessment is published on Platts Biofuels Alert (PBF2500), in the Bunkerwire Report, Bunkerwire Monthly, Biofuelscan report and Biomass-Based Diesel Report.
Photo credit: Manifold Times
Published: 9 May, 2023
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