Sign up
Log in Sign up
Wed 6 Aug 2008, 15:10 GMT

Singapore MGO drops to lowest price since April


Marine gas oil price has plummeted by 23 percent since hitting record last month.

The price of marine gas oil (MGO) at the port of Singapore reached its lowest level since April today following significant price drops over the last four days of trading.

MGO at the world's leading bunker port by volume fell to $1057 per tonne on Wednesday following successive decreases in price over the previous three days. The distillate grade has now fallen by $88 since Thursday July 31st, when suppliers were quoting $1145 per tonne according to Bunker Index price data.

The price of MGO is currently at its lowest level since April 17th when suppliers were quoting $1049 per tonne.

Record levels were reached on July 3rd, when MGO was being sold at up to $1370 per tonne. Singapore's best-selling distillate grade has now plummeted by 23 percent since hitting peak levels just over a month ago.

Meanwhile, the price of 380-centistoke (cst) - the port's largest-selling product - was pegged at $688 per tonne today according to Bunker Index price data, $10 lower than yesterday and $35 lower than on Monday when the product was being traded at $723 per tonne.

Interestingly, today's price is only $4 per tonne lower than on July 28th, whereas the price of WTI crude has dropped by over $5 per barrel during the same period.

Nine days ago, WTI crude oil on the New York Mercantile Exchange (NYMEX) was being traded at $124.73 per barrel. During trading today, WTI crude for September delivery was at $119.29 per barrel by 09:49 GMT.

Singapore's third best selling product, 180-cst, was priced today at $702 per tonne, $39 lower than at the end of business on Monday and $13 less than yesterday's price of $715 per tonne.

The price of this product has now tumbled by $78 since reaching a record daily average of $780 on July 15th. A trading range of between $778 and $795 per tonne on that day saw 180-cst prices almost breach the $800 barrier for the first time.

Hapag-Lloyd and DSV logo side by side. Hapag-Lloyd and DSV sign 18,000-tonne CO2e reduction agreement for sustainable marine fuels  

Two-year framework allows inclusion of alternative fuels beyond biofuels in shipping decarbonisation partnership.
Bangkok city skyline. Uni-Fuels opens Thailand office as part of Southeast Asia expansion  

Marine fuel supplier establishes Bangkok entity, appoints managing director with 15 years’ industry experience.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. Corvus Energy to supply battery systems for Washington State Ferries hybrid vessels  

ABB selects Corvus for two new 160-vehicle ferries as part of $3.98bn electrification plan.
Vinssen and Mana Engineering sign MoU. Vinssen, Mana Engineering partner on hydrogen fuel cell retrofit for 800-teu feeder vessel  

South Korean and Dutch firms to pursue Lloyd’s Register approval for hybrid retrofit concept.
Hercules Elisabeth vessel. Hercules Tanker Management takes delivery of second Ultra-Spec vessel in China  

Hercules Elisabeth is the second of 10 hybrid-ready tankers designed for alternative fuels.
Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.




 Recommended