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Singapore-based Hin Leong Trading is reported to have purchased two fuel oil cargoes from energy trading company Vitol.

The two 20,000-tonne parcels of 380-centistoke (cst) fuel oil are scheduled for loading between March 7 and March 11. Hin Leong paid between $9 and $9.50 per tonne to Singapore spot quotes on a free-on-board (FOB) basis, industry sources said.

Elsewhere, Japan's Itochu Corporation is reported to have purchased a high-density 40,000-tonne cargo of fuel oil from Taiwanese refiner Formosa Petrochemical Corp, which is scheduled for loading from the company's Mailiao refinery on February 12-14.

The 1.0-density cargo will complement the 80,000-tonne low-density 380-centistoke (cst) fuel oil cargo Itochu recently bought from India's Mangalore Refinery and Petrochemicals Ltd. (MRPL), which could be used for blending into bunkers grade 380-cst, or the benchmark 180-cst grade.

The cargo, which was sold at a premium of $6.00-$7.00 per tonne to Singapore spot quotes on a free-on-board (FOB) basis, is due for loading from New Mangalore on March 8-10.

Itochu, an active player in the Singapore fuel oil market, also recently purchased a low-viscosity, high-density pyrolysis fuel oil (PFO) cargo from Formosa. Pyrolysis fuel oil is a low-viscosity cutter, which is needed to blend high-viscosity, high-density cargoes before they can be sold into the marine fuels market.