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June 20, 2018

Marine News

Marine News

Singapore Mar ex-wharf 380 CST bunker term concludes at premiums of $1.75-$2/mt

Singapore (Platts)--7Mar2018/156 am EST/656 GMT


Singapore ex-wharf 380 CST bunker fuel term contracts for March were concluded at premiums of around $1.75-$2/mt to Mean of Platts Singapore 380 CST high sulfur fuel oil assessments, trade sources said this week.

The levels were lower from the previous months, where February term contracts were concluded at premiums of around $2.50/mt to MOPS 380 CST HSFO assessments, while January term contracts were done at premiums of $2.75-$3/mt to MOPS 380 CST HSFO assessments.

"The market has been very quiet recently," a Singapore-based ex-wharf bunker trader said. "There are fewer buyers but a lot of supply," he added.

Earlier, March term contract discussions in mid-February were heard in the range of $2-$2.25/mt to MOPS, while more recent discussions for March term contracts were heard in the range of $1.50-$2/mt.

"Premiums have come down quite a lot recently," another bunker trader said. "Nowadays, there are more direct delivered suppliers so ex-wharf [demand] shrank on the whole," he added.

The spot 380 CST ex-wharf bunker fuel differential to MOPS 380 CST HSFO assessments in February averaged $1.35/mt, down from $2.11/mt in January.

Meanwhile, the spot cash differential for MOPS 380 CST HSFO averaged 57 cents/mt in February, down from the average of 91 cents/mt in January.

Premiums or discounts for physical bunker fuel reflect the prices buyers are willing to pay relative to the published benchmark values.

Cash differentials for physical fuel oil represent the price buyers are willing to pay for the oil over and above the benchmark values published around the day a cargo loads.

--Jeslyn Lerh, jeslyn.lerh@spglobal.com
--Edited by Irene Tang, irene.tang@spglobal.com

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