By Srinivas Chowdary Sunkara // petrobazaar // 25th July, 2018.
FUEL OIL MARKET UPDATE
In Asia, Singapore Fuel oil prices slid by $4.5 or 0.9 pct from previous closing price. Yesterday, Both 180 cSt and 380 cSt prices were closed down at $494 and $462 while MGO settled down at $635/MT. Opening on a softer note on Monday, Asian markets slipped on Tuesday. The fundamentals seems to be bullish backed by limited supplies of finished graded fuel oil and low volumes in Singapore in August.
We are aware that from the start of Jan 2020, all ships must use marine fuels capped at 0.5% sulfur unless the vessel is equipped with emissions abatement technology that allows it to continue to use high sulfur product. Ship owners finally waking up to impact of IMO2020 as there has been an increased enquiries on the subject.
The Maritime and Port Authority of Singapore(MPA) and Port of Rotterdam Authority(POR) are to jointly collaborate and exchange best practices and new ideas. Both the parties renewed their MOU, first signed in 2015. The MOU covers several areas of cooperation including LNG bunkering and Next generation vessel traffic management systems.