There are some attractive discounts to be found away from the hubs, according to NSI. File Image / Pixabay
Lower demand at some smaller ports has led to widening discounts there relative to the largest hubs, according to borkerage NSI.
"With the main hubs reporting no decline in volume, a lot of the demand reduction has happened in the smaller ports," Paul Hardy, head of business development at NSI, said in an emailed note Wednesday.
"This has led some to be long on product, and we are seeing some very interesting price structures."
In particular, the brokerage pointed to Cochin, where it has seen very low sulfur fuel oil (VLSFO) discounts to Singapore and Fujairah of about $10/mt, and Ceuta, where it has found VLSFO $10-15/mt lower than the main Mediterranean hubs.
VLSFO prices at Ceuta were little changed at $272/mt on Wednesday, according to Ship & Bunker pricing, at a discount of $11.50/mt to Gibraltar's level.