Sign up
Log in Sign up
Thu 12 Feb 2009, 09:41 GMT

380-cst cargo sold for March loading


Low deal discount reported on increasing demand for fuel oil from the United States.

India's Mangalore Refinery and Petrochemicals Ltd. (MRPL) has sold an 80,000-tonne cargo of fuel oil scheduled for loading in March, Reuters reports.

The 380-centistoke (cst) parcel is due to be lifted from New Mangalore on March 12th-14th after a deal was reportedly reached with Petrodiamond at a discount of $2.00 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

Last month, MRPL sold a similar-sized cargo of 380-cst for lifting on February 26th-28th. The deal, which was made to energy trading company Vitol, is also understood to have been sold at a discount of $2.00 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

A month earlier, Vitol also purchased an 80,000-tonne cargo of 380-cst fuel oil from MRPL, however the discount was much greater at around $5.70 to $5.90 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

The discount was even higher - at around $13.00 a tonne to Singapore spot 380-cst quotes, on a free-on-board (FOB) basis - when Japan's Petrosummit bought an 80,000-tonne cargo of 380-cst from MRPL in November.

Despite flagging bunker sales and a drop in buying interest from China, which still has stock left over from the buying rush ahead of a fuel tax increase on January 1st, fuel oil demand has been strong.

The increased buying interest has been sparked by cuts in refinery runs in the United States, which has led to a rise in demand in North America for European cargoes bound for Asia.

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