World News
Suez Canal Blockage Could Lift Singapore Bunker Sales
Ships displaced by the Ever Given blockage on the Suez Canal could produce an uptick in bunker demand at Singapore, according to price reporting agency S&P Global Platts.
While the ship is on the move again, it will take time to clear the back log of ships at either end of the Suez Canal.
The prospect of delays has sent some ships on a longer route round the Cape of Good Hope.
Singapore is "a feasible refueling destination", the agency said, "given the longer journey".
"If the situation persists, and vessels coming from North Asia decide to take the Cape route then they'll probably top-up in Singapore," a bunker supplier was quoted as saying..
Another quoted bunker market source expressed a similar view.
"It's likely that vessels that have been stuck and delayed have in the process had to burn additional bunker will look to top up more when they arrive [in Singapore]," the source said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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