Asia/Pacific News
South Korea 500 cSt Sales Total 30,000 mt in May
Sales of 500 cSt bunker fuel in South Korea, where the fuel grade has only been available since April, totalled 30,000 metric tonnes (mt) in May, Platts reports.
Market sources have indicated the fuel is priced $5-10 per metric tonne (pmt) below 380 cSt fuel in the country, but the higher viscosity means only newer vessels are able to use the fuel.
SK Energy was the first company to start supplying 500 cSt in the country, and delivered the fuel for the first time on April 2. CS Caltex began offering he product in May.
Other South Korean refiners, S-Oil and Hyundai Oilbank, do not currently sell the grade.
SK Energy was reported to have sold about 20,000 mt for May loading, while GS Caltex sold 10,000 mt.
Total demand for bunkers in the country was stable for the month, meaning that the 500 cSt fuel has displaced some sales of 380 cSt, one source told Platts.
Official figures from the Maritime and Port Authority of Singapore (MPA) show April's sales of 500 cSt bunkers at the port made a notable 9 percent month-on-month rise over the previous month's total, taking the volume of the product sold to 633,200 mt - the first time monthly sales have been over 600,000 mt.
