Singapore Market Commentary (with evening update)

Tue 6 Apr 2010, 06:45 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Fueloil cargo closed firm once again this afternoon by about USD4.50/MT and two deals reported being traded. Gasoil cargo soared further by about USD1.70/BBL, supported by a deal done.

Bunker market was quoting more expensive today, especially the MGO which it has crossed the USD700/MT mark. Though WTI Access trading was showing slight weakness earlier. Meantime, our bunker indication is revised further upward amid below average demand.

Morning Commentary

NYMEX Crude price continued to climb further last night, eventually settling at USD86.62 a barrel.

WTI Access trading is showing marginally weak this morning. However, Papers market still opened firm today along with strong Crude sentiment overnight. Both Fueloil and Gasoil papers were pegged higher by about USD6.00/MT and USD1.10/BBL respectively. Meantime, our bunker indication is revised upward for all grades.

MGO Singapore Singapore (SG)


		Uni-Fuels appoints general manager for new Houston operation Experienced professional Robert Love aiming to expand the company’s presence in the United States.

		Sing Fuels hiring junior supply trader for Singapore operations Role aimed at candidates with one to two years of experience in marine fuels or the wider maritime industry.

		Exmar takes delivery of LNG carrier to serve the bunkering market Vessel to be convered into a floating transshipment unit for specialised LNG bunkering vessels to load fuel.

		Svitzer signs contract with India’s SDHI for four biofuel-ready TRAnsverse tugs Four 32-metre TRAnsverse 3200 tugs ordered from Gujarat-based shipbuilder.

		Petrobras launches barge supply operations at the Port of Suape Supplier has begun VLSFO and LSMGO barge deliveries at the Brazilian port following receipt of final operational licences.

		Hagland Shipping takes B100-capable Damen CF 3850 on time charter from Reederei Gerdes Norwegian dry bulk operator adds short-sea vessel with the ability to operate on B100 biodiesel.

		Chinese shipyard delivers LNG dual-fuel container ship to MSC 301 days ahead of schedule Zhoushan Changhong sets new early-delivery record for its series of LNG dual-fuel boxships.

		Portsmouth International Port makes first commercial shore power connection with cruise ship Virgin Voyages’ Valiant Lady plugs into Portsmouth International Port’s shore power system, with two ships connected simultaneously.

		EmissionLink calls for fairer EU ETS expansion and greater reinvestment in maritime decarbonisation Emissions compliance specialist warns that broader coverage alone will not deliver practical decarbonisation.

		Peninsula and Evos sign MoU to develop biofuel storage at Algeciras terminal Partnership aims to develop up to 60,000 cbm of dedicated biofuel storage capacity at the Strait of Gibraltar.