Outright prices in Singapore have climbed over the week. File Image / Pixabay
Profit margins for bunker deliveries over local cargo prices in Singapore have dropped significantly over the past week, according to price reporting agency S&P Global Platts.
The premium for very low sulfur fuel oil (VLSFO) delivered in Singapore over cargo prices there dropped to $19.71 on Friday from $25.72/mt a week earlier, Platts reported Monday.
Platts cited market sources as saying current oversupply at the world's largest marine fuels hub would take two or three months to clear.
Bunker prices in Singapore rose over the week, according to Ship & Bunker pricing. VLSFO prices there rose to $335/mt on Friday, the highest level in more than three months, up from $306/mt a week earlier.