World News
BP Sinopec Marketing Hire May Signal European Expansion
The marine fuels joint venture between energy producers BP and Sinopec has hired a marketing manager for Europe, possibly signalling an expansion there after an initial focus on Asia.
Grant Norton has joined BP Sinopec Marine Fuels as marketing manager for Europe as of this month, according to an update to his LinkedIn profile.
Norton was previously partnerships director for marine fuels online procurement start-up Bulugo.
BP and Sinopec announced their joint venture, primarily based on the Singapore and wider Asian market, in 2015. In July of last year it emerged that the firm was set to join the Fujairah market, having rented storage there.
The European bunker market has generally underperformed Asia over the past year, with a slower recovery from the COVID-19 crisis and a heavier reliance on the cruise industry. But Rotterdam saw a slight gain -- its total volumes for 2020 were 2.8% higher than in 2019 -- on healthy activity from the container industry.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 2.50 | 765.00 | 14.00 |
| Rotterdam | 607.50 | 0.50 | 764.50 | 24.50 |
| Houston | 632.50 | 4.00 | 807.50 | 5.00 |
| Fujairah | 650.50 | 1.00 | 882.50 | 6.00 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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