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.


Monjasa Oil & Shipping Trainee (MOST) trainees. Monjasa opens applications for global trainee programme  

Marine fuel supplier seeks candidates for MOST scheme spanning offices from Singapore to New York.

Singapore's first fully electric harbour tug. Singapore's first fully electric tug completes commissioning ahead of April deployment  

PaxOcean and ABB’s 50-tonne bollard-pull vessel represents an early step in harbour craft electrification.

Fuel for thought: Hydrogen report cover. Lloyd's Register report examines hydrogen's potential and challenges for decarbonisation  

Classification society highlights fuel's promise alongside safety, infrastructure, and cost barriers limiting maritime adoption.

Bureau Veritas and Straits Bio-LNG sign MoU. BV Malaysia partners with Straits Bio-LNG on sustainable biomethane certification  

MoU aims to establish ISCC EU-certified biomethane production and liquefaction facility in strategic alliance.

Molgas Energy logo. Molgas becomes non-clearing member at European Energy Exchange  

Spanish energy company joins EEX as it expands European operations and strengthens shipper role.

Yiannis Diamandopoulos, Elinoil. Diamandopoulos appointed CEO of Elinoil as Aligizakis becomes chairman  

Greek marine lube supplier announces leadership changes following board meeting on 5 January.

Sustainable Marine Fuel Services webinar hosted by BV graphic. Bureau Veritas to host webinar on sustainable marine fuel transition challenges  

Classification society to address regulatory compliance, market trends, and investment strategies in February online event.

Inchcape Shipping Services logo. Inchcape to provide bunkering services from new Indonesian offices  

Port agency establishes presence in key bulk and tanker operation hubs handling 150 calls annually.

CPN launch of B100 marine biodiesel supply in Hong Kong graphic. Chimbusco Pan Nation launches B100 biodiesel supply in Hong Kong  

Bunker tanker Guo Si becomes Hong Kong's first Type II certified vessel for pure biodiesel operations.

Vox Apolonia vessel. Van Oord completes Dutch beach replenishment using 100% bio-LNG  

Dredger Vox Apolonia deposited 1 million cbm of sand at Noord-Beveland beach under Coastline Care programme.





 Recommended