Singapore Bunker Market Unfazed by Glencore's Absence: Source

by Ship & Bunker News Team
Thursday September 29, 2022

The Singapore bunker market has seen a muted reaction to Glencore's temporary absence from physical supply operations following the HSFO contamination issues the world's largest marine fuels hub experienced in the first quarter of 2022.

Little change should be expected when Glencore resumes supplying under its own licence next month, a local market source told Ship & Bunker this week.

Singapore's Maritime and Port Authority temporarily suspended Glencore's bunker supplier licence in August for its role in the HSFO contamination problems in February and March. The authority alleged that Glencore continued to supply contaminated fuel for about a week after learning of the contamination.

The suspension is due to be lifted on October 18. The MPA listed Glencore as Singapore's sixth-largest bunker supplier by volume in 2021.

"Glencore's absence from the market has not had much of an impact on the bunker industry here in Singapore," the source told Ship & Bunker this week.

"They are still buying and selling bunkers in their capacity as a trader, it's just that they do not use their BDN.

"Once the licence is restored, Glencore can or will be delivering in their own capacity.

"That means those volumes that they were trading these past months to other physical suppliers will be taken back and delivered by themselves."