World News
Sing Fuels to Open Offices in Turkey and Shanghai
Marine fuel trading firm Sing Fuels is planning to open offices in Turkey and Shanghai within the next few months.
The company plans to open the Turkish representative office in December and the Shanghai office in the first quarter of 2025, news provider the Business Times reported on Tuesday, citing comments from Sing Fuels CEO Vikash Dhanuka.
The company is also hiring staff in Zhoushan, and set up a subsidiary in India in April, according to the report.
The company sells marine fuels at more than 350 ports around the world, according to its website.
Sing Fuels's revenue climbed by 10% to almost S$1 billion in 2023, according to the report. Marine fuels currently make up 90% of the company's revenue, with the remainder coming from its base oil, petrochemicals and lubricant units.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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