Sign up
Log in Sign up
Thu 22 Jan 2009, 09:28 GMT

Indian firm sells 380-cst fuel oil cargoes


Two 30,000-tonne parcels are sold via tender for delivery in February.

State-owned Indian Oil Corporation (IOC) has sold two 30,000 metric tonne cargoes of fuel oil via tender for delivery during the month of February, Reuters reports.

The two parcels of 380-centistoke (cst) fuel oil with 4.5 percent sulphur are scheduled for loading from Chennai on February 4-7 and February 19-22.

The cargoes are reported to have been sold to oil major BP at a discount of $12 per tonne to the IOC formula, according to trading sources. The price represents a lower discount compared to other recent 380-cst tenders.

In previous deals IOC sold two 30,000-tonne parcels of 380-cst fuel oil for loading in January at between $16.50 and $17.50 per tonne to the IOC formula. Emirates National Oil Co (ENOC) was reported to be the purchaser of the cargo.

In November 2008, the discount was said to be around $20 per tonne to Middle East spot quotes when IOC sold a 30,000 metric tonne cargo of 380-cst fuel oil to Trafigura, one of the world's largest independent commodity trading companies.

IOC operates refineries in Assam, Gujarat, West Bengal, Uttar Pradesh, Madras and Bihar and is the leading provider of fuel oil for the bunker market, supplying both marine fuel and lubricants to customers in all major Indian ports.

The company sold 58.3 million tonnes of petroleum products during 2007-08, registering a 8.7% growth in volumes as compared to the previous year.

Container ship near a port. Ammonia emerges as most feasible alternative fuel for deep-sea shipping in 2050 emissions study  

Research combining expert survey and technical analysis ranks ammonia ahead of hydrogen and methanol.
Cargo vessel at sea. EMSA study examines biodiesel blend spill response as shipping adopts alternative fuels  

Research addresses knowledge gaps on biodiesel-conventional fuel blends as marine pollutants and response measures.
BIMCO ETS BARECON clause 2026 graphic. BIMCO adopts ETS clause for bareboat charters, delays biofuel provision  

BIMCO’s Documentary Committee has approved an emissions trading compliance clause while requesting further work on a biofuel charter provision.
SALEFORM 2025 standard form graphic. BIMCO and Norwegian Shipbrokers’ Association launch SALEFORM 2025 ship sale contract  

Updated agreement addresses banking changes, compliance requirements and environmental regulations affecting vessel transactions.
Everllence H2 test engine. Everllence develops hydrogen test bench for marine engines  

German engine maker upgrades Augsburg facility under HydroPoLEn project backed by federal maritime research funding.
CMA CGM Osmium vessel. CMA CGM names 13,000-teu methanol-fuelled containership in South Korea  

CMA CGM Osmium to operate on Asia–Mexico service as part of the carrier’s decarbonisation strategy.
NorthStandard logo. NorthStandard publishes biofuel guide as marine insurance claims emerge  

White paper addresses quality issues and compliance requirements as biofuel testing volumes surge twelvefold.
Clean Maritime Fuels Platform (CMFP) logo. Maritime fuel platform calls for EU shipping ETS revenues to fund clean fuel deployment  

Clean Maritime Fuels Platform urges earmarking of national emissions trading revenues for renewable fuel infrastructure.
Seatransport 73m SLV Lloyd’s Register grants approval for hybrid nuclear power design for amphibious vessels  

Classification society approves Seatransport’s concept integrating micro modular reactors with diesel-electric systems.
Everllence ME-LGIE engine. Everllence and Vale partner on ethanol-powered marine engine development  

Brazilian mining company to develop dual-fuel ethanol engines based on ME-LGI platform.




 Recommended