World News
Singapore-based Cleartrade Exchange Extends Asian Trading Hours
Singapore-based Cleartrade Exchange (CLTX) has extended its market coverage to incorporate wider Asian trading hours, the company announced Tuesday.
Traders and users can now "access the new fuel oil liquidity between 2pm Singapore through to 1am Singapore /6pm London time provided by the exchange’s market maker programme," said CEO Richard Baker.
The company said that market making has been launched for all fuel oil contracts within the central order book.
The fuel oil single swap contracts offered are IFO180, IFO380, and Rotterdam 3.5 percent sulfur, with users able to swap as little as 1 metric tonne on the exchange's commodity and freight derivatives platform.
"CLTX’s Fuel Oil market is designed directly for the global shipping markets; smaller lot sizes mean more flexible hedging options," said head of product Richard Heath.
"The ability to transact the right volume at the right time coupled with constant visibility of where positions could be closed is something that many members have told us is highly valuable," Heath said.
Baker also added that the company has invested heavily in its liquidity strategy.
The fuel oil swaps were first launched in 2012.
At the time, it was reported that the swaps saw a "great deal of interest."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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