Asia/Pacific News
Singapore Shrugs Off "Chaos" from OW Bunker, Dynamic Oil Trading Collapse as Sales Volume Remains Steady
After what some players reported to be a difficult month following the collapse of OW Bunker and Singapore-subsidiary Dynamic Oil Trading (DOT), the latest preliminary bunker sales data from the Maritime and Port Authority of Singapore (MPA) shows volumes have remained steady both month-to-month, and year-to-date compared to the 11 month period in 2013.
For November 2014, total sales for all products in Singapore was 3,548,400 metric tonnes (mt), a slight decline of 1.3 percent compared to the previous month but up 5.2 percent over November 2013.
The fall of OW Bunker was said to have caused "chaos" in Singapore with credit lines slashed and reports of suppliers demanding guarantees for payments from physical suppliers.
However, others said the reports much overstated the market reality, and the MPA also said the situation would have little impact on bunkering operations at the port.
IFO 380 sales made up the bulk of November's volume at 2.66 million mt, while 500 cSt rose 2.16 percent to 709,600 mt and above 700,000 mt for the first time since August.
Sales of 0.10% MGO (LSMGO) followed last month's gain of 57.2 percent with a rise of 52.4 percent in November to 38,100 mt, the highest monthly total for the product since at least 2011.
Calls for bunkers dipped 4.1 percent to 3,119, the lowest since June.
Year-to-date volumes now stand at 38,839,300 mt, just 40,500 mt less than at this point last year.
