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Hong Kong bunker fuel suppliers settle May ex-wharf premiums at $14.50-16/mt, down from April
Hong Kong bunker fuel suppliers have settled monthly ex-wharf premiums for May-loading 380 CST cargoes, with importers, at $14.50-16/mt, down from April's $16.50-18/mt, market sources said Monday.
Suppliers attributed the lower premiums to weak premiums in the Singapore high sulfur fuel oil cargo market.
The Singapore 380 CST HSFO cash differential is taken into consideration when settling ex-wharf premiums for bunker fuel in Hong Kong, as Singapore is the main supply source for Hong Kong.
The Singapore 380 CST HSFO cash differential averaged a premium of $0.29/mt in March, which fell to an average of minus $2.40/mt over April 1-25, Platts data showed. Singapore HSFO cargo prices were weak amid ample supply and sluggish bunker demand.
Hong Kong does not have any supply issues at the moment, suppliers also said.
The Hong Kong 180 CST bunker fuel premium was settled at $16-17/mt for May-loading cargoes, down from $17-19/mt for April, suppliers said. Marine gasoil premiums were settled at $17-20/mt for May compared with 19-20/mt settled for April, they added.
HSFO is imported into Hong Kong by ExxonMobil, Chevron, Sinopec and Chimbusco Pan Nation, mainly from Singapore, and sold on an ex-wharf basis as bunker fuel to local traders and major suppliers like Chimbusco Pan Nation, Vermont, Feoso, Sinopec and Soaring Dragon.
Importers negotiate the price of ex-wharf bunker fuel with suppliers as a differential to the monthly average of Mean of Platts Singapore 380 CST HSFO assessment. Suppliers then deliver the bunker fuel to ships using their own barges on a delivered-price basis.
Hong Kong suppliers sell about 500,000 mt/month of bunker fuel, and the port has the capacity to store 450,000-500,000 mt of fuel oil.
Of the total storage capacity, ExxonMobil owns 310,000 mt, of which 250,000-260,000 mt has been leased out to Chimbusco Pan Nation since February 2012. The rest of the storage capacity is owned by Sinopec (100,000 mt) and Chevron (60,000 mt), bunker suppliers said.
Source: Platts
Suppliers attributed the lower premiums to weak premiums in the Singapore high sulfur fuel oil cargo market.
The Singapore 380 CST HSFO cash differential is taken into consideration when settling ex-wharf premiums for bunker fuel in Hong Kong, as Singapore is the main supply source for Hong Kong.
The Singapore 380 CST HSFO cash differential averaged a premium of $0.29/mt in March, which fell to an average of minus $2.40/mt over April 1-25, Platts data showed. Singapore HSFO cargo prices were weak amid ample supply and sluggish bunker demand.
Hong Kong does not have any supply issues at the moment, suppliers also said.
The Hong Kong 180 CST bunker fuel premium was settled at $16-17/mt for May-loading cargoes, down from $17-19/mt for April, suppliers said. Marine gasoil premiums were settled at $17-20/mt for May compared with 19-20/mt settled for April, they added.
HSFO is imported into Hong Kong by ExxonMobil, Chevron, Sinopec and Chimbusco Pan Nation, mainly from Singapore, and sold on an ex-wharf basis as bunker fuel to local traders and major suppliers like Chimbusco Pan Nation, Vermont, Feoso, Sinopec and Soaring Dragon.
Importers negotiate the price of ex-wharf bunker fuel with suppliers as a differential to the monthly average of Mean of Platts Singapore 380 CST HSFO assessment. Suppliers then deliver the bunker fuel to ships using their own barges on a delivered-price basis.
Hong Kong suppliers sell about 500,000 mt/month of bunker fuel, and the port has the capacity to store 450,000-500,000 mt of fuel oil.
Of the total storage capacity, ExxonMobil owns 310,000 mt, of which 250,000-260,000 mt has been leased out to Chimbusco Pan Nation since February 2012. The rest of the storage capacity is owned by Sinopec (100,000 mt) and Chevron (60,000 mt), bunker suppliers said.
Source: Platts
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