World News
CMF Being Integrated Into Parent Company
Spanish oil company Compañía Española de Petróleos, S.A.U. (CESPA) says it is integrating its bunkering business, CESPA Marine Fuels S.A. division (CMF) into the parent company.
The company said the reorganisation, which will take place on January 1, 2013, is intended to "centralize all strength and make the most of synergies with other downstream marketing businesses, looking for growth and becoming main focus of the new philosophy of this group of companies."
CESPA said bunker sales and operations will continue as in the past, with the same people and facilities, but the company address, V.A.T number, and email addresses will change.
CMF has operations in Spain, including the Canary Islands and the Strait of Gibraltar, in Morocco and in Panama, according to CESPA's website.
The marine fuels company has made some additions to its bunker offerings in recent months, adding new bunker barge and beginning to offer 1 percent maximum sulfur fuels at Balboa Port in Panama in August, and initiating the supply of RMK 500 in the Canary Islands in November.
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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