Asia/Pacific News
Chimbusco, S-Oil in Second South Korean 40,000mt Fuel Oil Deal
South Korean oil refiner S-Oil Friday was said to have sold 40,000 metric tonnes (mt) of 380 centistoke (cSt) heavy fuel oil (HFO) to China's Chimbusco, C1 Energy reports.
According to the report, a source at another South Korean refiner said the deal was concluded at a $1.20 per mt (pmt) free on board (FOB) premium over the mean Singapore price.
Ship & Bunker data for Friday show Singapore's IFO380 spot price was $344 pmt, while FOB premiums for South Korean 380 cSt HFO were reported to have been between $0 and $1 in March.
It is understood the bunkers are for delivery at Tianjin around April 21.
The sale follows last month's sale of 40,000mt of the same fuel grade by S-Oil to Chimbusco which was delivered to Jingjiang.
S-Oil is said to have increased its fuel oil exports in the last month, and is scheduled to export three mid-range tanker cargoes of bunkers in April.
Shipments are expected to be bound for Japan, Hong Kong, and northern China.
Late last month, Japanese bunker traders were said to be seeing business go elsewhere, including South Korea, amid tight supply in their market.
