Singapore: Rise in Floating Storage on Anticipated IMO2020 Grade Fuel Demand
Wednesday September 11, 2019
Tankers: floating storage. File image/Pixabay.
Stocks of IMO2020 grade fuel oil and blending products held in floating offshore storage at Singapore stood at 2.9 million metric tonnes at the end of August, according to research firm Vortexa.
Compared to the previous month, high sulfur fuel oil stocks were down while stocks of low sulfur fuel oil were up, Argus Media reported citing Vortexa's data.
The estimated number of vessels being used as floating storage at the southeast Asian bunker hub was 17.
In the last 12 months, total offshore storage capacity at the port has increased by 2.6 million mt to 6.9 million mt, the report said.