World News
Hong Kong Company Strikes Bunker Deal After "Hibernation"
Hong Kong-based Pan Asia Mining Limited [8173.HK] (Pan Asia) says it has begun a bunker trading deal with China Shipbuilding Industrial Complete Equipment and Logistics Co Ltd (CSICEL).
The 15-month contract was triggered by a $25.5 million deposit from CSICEL on March 15, 2013 and the first shipment of fuel is scheduled to start in late April or early May, and complete in June.
Pan Asia said in a recent financial statement covering the nine months ended December 31, 2012 that its marine fuel business had "been undergoing hibernation since August 2012" and had been focused on selling coal to CSICEL, but that it was "vigorously remodelling the marine fuel business."
The company reported net bunker sales of HK93.4 million ($12 million) for the nine months, compared with HK194.3 million ($25 million) in the same period of 2011, and no bunker sales in the last quarter of 2012.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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