The Shanghai International Energy Exchange (INE) recently completed its first deliveries of very low-sulphur fuel oil (VLSFO) with three global trading firms , reports Reuters.
Trafigura Pte Ltd and Freepoint Commodities Singapore Pte Ltd reportedly received a combined 2,500 metric tonnes (mt) of VLSFO from Universal Terminal in Singapore.
Chinese-owned China-Base Resources Pte Ltd received another 1,000 mt of VLSFO from the same storage.
INE had earlier signed an agreement with PetroChina to utilise its distribution centre in Singapore as a delivery point for its VLSFO futures contracts.
The partnership marks the first time a futures contract in China can be deliverable outside of China, and would boost liquidity and flexibility for the contracts, as well as help to influence pricing for bunker fuel.
Related: Shanghai INE inks agreement with PetroChina for LSFO futures overseas delivery
Related: Shanghai INE mulls Singapore port as delivery location for LSFO futures contracts
Related: Shanghai International Energy Exchange confirms listing date of LSFO futures contracts
Related: China Securities Regulatory Commission approves INE’s LSFO futures contractsRelated: Shanghai INE VLSFO futures project enters milestone, trading simulations to start in June
Photo credit: Edward-He
Published: 25 January, 2021
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