Singapore Market Commentary (with evening update)

Thu 25 Feb 2010, 08:48 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Once firmed Fueloil paper lost its steam this afternoon. Fueloil cargo too closed almost level or even dipped marginally. On the other hand, Gasoil cargo closed firm by USD 0.60-0.70/BBL. Our Bunker indication was revised lower for Fueloil and remains broadly unchanged for MGO.

Morning Commentary

NYMEX Crude price rebounded last night to settle at USD80.00 a barrel. Once again, it pushed up all Paper values this morning. Fueloil paper opened almost USD6.00/MT higher while Gasoil paper was pegged firm by USD1.15/BBL today.

Without doubt, bunker market will likely be selling more expensive this afternoon if Cargoes trading can further support this trend. Yet, WTI Access trading is showing flat moment ago while writing this update. Meantime, our bunker indication is revised upward for all grades.

MGO Singapore Singapore (SG)


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		Flex Commodities appoints Vinoth Kumar as general accountant Dubai-based bunker trader strengthens finance team with new accounting hire.

		PIL's first LNG dual-fuel boxship receives cybersecurity certification on Singapore maiden call Pacific International Lines' 13,000-teu vessel Kota Elok becomes the first PIL ship certified to IACS cyber-resilience standards.

		Wärtsilä and Carnival Corporation sign 8-year lifecycle agreement for LNG-fuelled cruise vessels Deal covers four vessels across the Princess Cruises and Carnival Cruise Line fleets.

		Exmar vessel completes first commercial voyage on ammonia dual-fuel Antwerpen sailed from China to India using ammonia in dual-fuel mode during commercial service.

		Changhong International launches ninth LR2 tanker in Navios series Vessel includes future methanol and LNG conversion capability as well as shore power provision.

		European shipowners back EU ETS revenue earmarking but warn proposal falls short on clean technology support ECSA welcomes fuel support and revenue earmarking but calls for broader technology eligibility and a clear IMO withdrawal clause.

		WSC backs EU ETS fuel revenue reinvestment but warns over port competitiveness rules The World Shipping Council welcomes proposed ETS fuel mechanism changes but flags concerns over neighbouring port proposals.

		Western Baltic Engineering unveils green methanol bunkering vessel concept for Klaipėda Concept vessel design features an 800-tonne capacity and annual supply potential of 250,000 tonnes.