Price information, consultancy services, conferences, market data and business intelligence provider Argus Media has launched a self-developed bunker price assessment report for the Singapore market today (Monday).
The Argus bunker assessment covers Fuel Oil (3.5% 380 cst) and Marine Gasoil (MGO and LSMGO) grades that take trade information reported by 7pm (Singapore time).
It excludes trades that fall outside the standard specification and discards price outliers to calculate a Volume Weighted Average (VWA) of the remainder.
“This is set to revolutionise the way the industry benchmarks its delivered bunker pricing,” Alan Bannister, Business Development – Asia, tells Manifold Times.
“Singapore is the world’s biggest bunkering hub with over 4 million tonnes a month of marine fuels delivered.
“Due to the size of the Singapore market, the number of participants and the number of transactions that take place it lends itself to a Volume Weighted Average approach to establishing the average amount paid for each grade of fuel each day.
“What Argus is now doing is in stark contrast to the previously available alternative, a single timestamped assessment based on a small amount of poor quality data that is not representative of where the bunker industry is buying and selling fuel during the course of the day.
“Several companies have already begun to submit their trade data prior to the launch and we look forward to this number now increasing further.”
Trade information, further enquiries or requests for trials to the Argus Marine Fuels daily report can be directed to: singaporebunkers@argusmedia.com
Published: 18 June, 2018
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