Asia/Pacific News
Singapore Bunker Trading Volumes "Down Some 25-30%"
Bunker and oil trading volumes in Singapore have fallen sharply in 2013, according to a report by the country's Business Times.
"The trading market has generally been very difficult. Trading costs are high, and there has been insufficient volatility and no clear market trends," commented one trading executive.
He estimates bunker trading volumes to be down some 25-30 percent over last year, physical oil volumes traded to be down 15-20 percent, with paper volumes also trending 10-15 percent lower.
"There is no market for trading big volumes," he said.
"Essentially, trading conditions have remained difficult, and there's not been an improvement over last year," commented another trader.
Looking ahead, traders viewed improvements in the relationship between Iran and the West as "a good sign" that there could be an easing of U.S. and European sanctions against the Islamic Republic, and the potential for a resumption in Iranian oil exports in the new year.
But one trader saw few other positive signs in the near term.
"Other than the prospect of Iranian exports, there is nothing much else at the moment to look to, except perhaps a pick-up in the global economy," they said.
