World News
Update: Synthetic Fuel Firm Raises £10.7M
UPDATE: Currency correction - The original source (London South East) indicated USD$10.7 million was raised, not the correct amount of £10.7 million.
Synthetic fuel maker Quadrise Fuels International Plc (Quadrise) says it has raised £10.7 million ($17.7 million) through placement of 33,437,500 new shares.
The company said the funds will help it speed the deployment of manufacturing units for its MSAR fuel, as well as pay for a research and development facility, protect its intellectual property and recruit specialists to its staff.
Quadrise, which has been conducting tests with A.P. Moller-Maersk (Maersk) on the use of MSAR for shipping, recently extended a royalty agreement with Maersk cover future commercial supplies of the fuel.
MSAR is designed to produce a low viscosity fuel oil from heavy hydrocarbons, using water instead of petrochemical diluents.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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