Singapore Market Commentary (with evening update)

Tue 11 Aug 2009, 05:50 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Generally, Cargoes assessment closed steady this afternoon. Fueloil cargo dipped lower marginally while Gasoil cargo concluded slightly soft. Delivered prices were quoted almost on a par with last Friday, if not below.

WTI Access trading is showing some gains now. Meantime, our bunker indication is revised downward accordingly, amid average demand

Morning Commentary

NYMEX Crude price dipped overall on Friday and last night to settle at USD70.60 a barrel and WTI Access trading is showing steady this morning.

After a long weekend, Singapore Papers market opened rather mixed. Fueloil paper opened slightly weak, declining by USD2.00/PMT while Gasoil paper was talked firmer with USD0.80/BBL hike. Meantime, our bunker indication is revised upward only on the MDO/MGO and we shall see how the Cargoes assessment will head this afternoon.

MGO Singapore Singapore (SG)


		New Times Shipbuilding cuts steel on two crude tankers and delivers LNG dual-fuel vessel Chinese yard marks a busy 4 June with steel-cutting ceremonies and a tanker delivery to Maran.

		Baleària Canarias christens €128m dual-fuel fast ferry Mercedes Pinto for inter-island routes The catamaran will connect Tenerife, Gran Canaria and Fuerteventura with six daily departures.

		DNV awards AiP to HHI for LPG dual-fuel container vessel design Approval in principle granted for ship design targeting the underserved smaller container segment.

		Seascale Energy partners with Lloyd’s Register Advisory to build decarbonisation expertise The bunker firm has launched a knowledge partnership covering low-carbon fuels and maritime regulations.

		CSL takes delivery of methanol-ready Kamsarmax as fleet renewal programme advances MV CSL Kuleana departs on maiden voyage, equipped with Tier III engines.

		LNG orderbook share hits 90% as methane pathway investment holds firm LNG bunkering volumes surge and biomethane uptake grows six-fold, despite geopolitical headwinds.

		NYK to offset ship emissions with CDR credits from Loblolly project Japanese shipping group turns to biomass-based carbon sequestration to address residual maritime emissions.

		K Line orders four LNG dual-fuel car carriers for European short-sea operations Kawasaki Kisen Kaisha contracts quartet of 1,380-vehicle vessels at China Merchants Jinling Shipyard.

		Bunge seeks bunker purchaser for Rotterdam operation Agribusiness is looking for candidates with experience in marine fuel procurement.

		First vessel in NYK Stolt Tankers’ newbuild series launched in China FKAB-designed 38,000 DWT chemical tanker launched at Nantong Xiangyu Shipyard, China.