Tue 20 May 2014 15:10

Fuel oil cargo purchased via tender


Parcel of high sulphur fuel oil is scheduled for delivery next month.

Korea East-West Power Co. Ltd. (EWP) has purchased 50,000 tonnes of high sulphur fuel oil via tender, ICIS reports.

The South Korean generation company, owned by the government-run Korea Electric Power Corporation, is said to have purchased the 540 centistoke (cSt) cargo from independent energy trader Mercuria at a premium of $5.20 per tonne above the Singapore 180 cSt mean price on a cost-and-freight (CFR) basis.

The fuel oil parcel is due for delivery at Ulsan between June 6-10, a Singapore-based trader said.

EWP previously awarded a similar fuel oil tender for April 11-15 loading to Hanwha at a CFR premium of $6.66/tonne, ICIS data showed.

The recent decline in fuel oil prices appears to be showing no signs of improving despite tightening fuel oil supplies in Singapore and higher crude prices, industry sources said.
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