Storage: tight. File image/Pixabay.
Weak demand for the key 380 cst grade of fuel oil in Singapore has prompted a rise in the amount of landed storage being taken up by the fuel.
There has been an increase in inventories in landed storage tanks while at least three vessels are waiting to discharge their cargoes, according to price reporting agency S&P Global Platts citing market sources.
Bunker uptake has been tepid since February particularly for the spot market, the report said.
"February is usually a seasonally slow period, but this year it's quiet even though no one knows why," a bunker supplier was quoted as saying.
The Maritime and Port Authority of Singapore's (MPA) own figures released Wednesday seem to back up the notion of a 380 cst fuel oil market in the doldrums.
Fewer metric tonnes of 380 cst were sold in February compared to a year ago, MPA data showed.