The spot fuel oil market in Asia was range bound as of Wednesday amid a lack of fresh drivers, with cash differentials holding steady in single-digit premiums.
Some spot trade continued to emerge for 380-cst High Sulphur Fuel Oil (HSFO), with cash premiums for the grade FO380-SIN-DIF trading at $4 to $5 a metric ton over Singapore quotes.
Meanwhile, the Very Low Sulphur Fuel Oil market (VLSFO) was stable on a limited trade, with cash premium MFO05-SIN-DIF pegged unchanged at $6.98 a metric ton on Wednesday.
BUNKER UPDATES
Japan’s top power generator JERA said on Wednesday it would conduct a joint study with shipping major NYK Line and chemical company Resonac to supply ammonia to ships, as it seeks to expand the use of the low-carbon fuel beyond power plants.
The study is the latest among shippers including North Sea Container Line, MOL, and Bunker Holding that are exploring ammonia as an alternative marine fuel as they seek ways to cut emissions and meet decarbonization goals.
JERA said its joint study would look at supplying ammonia to a tugboat to be built using an ammonia-fueled engine developed by NYK Line. The tugboat is scheduled for delivery in June 2024, according to NYK’s website.
Source: Hellenic Shipping News
