China's VLSFO futures may soon have greater influence over global bunker pricing. File Image / Pixabay
The Shanghai International Energy Exchange (INE) is considering taking Singapore as a delivery point for its low sulfur marine fuel futures contract, according to news agency Reuters.
The move could grant the futures greater influence over bunker pricing worldwide.
The INE may start using storage facilities in Singapore owned by PetroChina as a delivery point for the contract by the end of this year, Reuters reported Wednesday, citing two sources with direct knowledge of the matter.
Earlier in the week the INE posted a notice seeking feedback on the idea of using a delivery point outside China for the first time.
PetroChina International was Singapore's largest bunker supplier by volumes last year, according to the country's Maritime and Port Authority.