Asia/Pacific News
Singapore Bunker Margins Weaken Further
The premium for very low sulfur fuel oil (VLSFO) delivered in Singapore over cargo prices has weakened further, according to price reporting agency S&P Global Platts.
The premium to FOB Singapore cargo prices slipped to $11.39/mt by Friday, Platts reported Monday, down from $15.11/mt a week earlier.
On April 29 the premium was at a 10-week high of $36.08/mt, the company said.
Bunker margins in Singapore temporarily strengthened in late April, despite the pandemic effect that was weakening them in most other markets, as the financial troubles hitting Hin Leong caused its bunkering subsidiary Ocean Bunkering to halt its activities.
Bunker margins have since eased in Singapore as other players moved in to take on spot deliveries that would otherwise have been carried out by Ocean Bunkering.
