World News
Brightoil Suspends Geneva, Rotterdam Operations, Relocates Traders to Singapore
Brightoil Petroleum (Holdings) Limited [HKG:0933] (Brightoil) has "temporarily suspended" bunker operations in Geneva and Rotterdam in an effort to cut costs, Bloomberg reports.
Some of the traders have been relocated to Singapore, according to Hong Kong-based spokeswoman Ella Mak, who said the move was aimed at minimising operational costs and focusing on Asia.
Mak said yesterday that operations at Brightoil's Tokyo location stopped earlier this month.
In October Brightoil said it lost HK$721.7 million ($93.1 million) in fiscal year 2013, compared with a HK$305.7 million ($39.4 million) profit the previous year, with monies from bunkering services falling by more than 50 percent.
The Maritime and Port Authority of Singapore (MPA) ranked Brightoil its third largest supplier by volume in 2012.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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