Asia’s fuel oil market was broadly unchanged on Friday, with spot differentials and margins holding relatively stable from the previous week.
Spot discounts for 380-cst high sulphur fuel oil (HSFO) narrowed slightly day-on-day, though ample supplies have kept the market stuck in rangebound discounts since February.
Meanwhile, cracks for 380-cst HSFO FO380DUBCKMc1 were rangebound between discounts of $10 to $10.50 a barrel.
On the low-sulphur front, cash premiums and margins were also little changed through the week, with recovery capped by high inventory levels, while bunker demand remained lukewarm, based on market sources.
Spot differentials for very low sulphur fuel oil (VLSFO) held at single-digit premiums to Singapore quotes, while cracks LFO05SGDUBCMc1 closed between premiums of $13 to $13.50 a barrel.
AMMONIA BUNKERING
Fortescue has conducted the world’s first ammonia marine bunker operation in the port of Singapore, the city-state’s Maritime and Port Authority and the Australian mining company said on Friday.
The Singapore-flagged Fortescue Green Pioneer was loaded with liquid ammonia from an existing facility at Jurong Island’s Vopak Banyan Terminal for the trial, Fortescue and MPA said in a joint statement.
The vessel is dual-fuelled and can adopt ammonia for bunkering in combination with diesel.
Source: Hellenic Shipping News
