Tue 28 Jul 2009, 07:24 GMT

IOC sells mid-August 380-cst cargo


Indian refiner reaches a deal for the sale of 35,000 tonnes of fuel oil.



Refiner and bunker supplier Indian Oil Corporation Ltd. (IOC) has sold a 35,000-tonne cargo of 380-centistoke (cst) fuel oil for loading mid-August, Reuters reports.

The state-owned firm is said to have reached a deal with Petrosummit at a discount of between $4-$5 per tonne to the IOC formula on a free-on-board (FOB) basis.

The cargo is scheduled for lifting from the southeastern port of Chennai on August 13-16.

IOC previously sold a 30,000-tonne cargo of 380-cst fuel oil to Westport at a discount reported to be $5.50 per tonne to the IOC formula, FOB. The parcel was due to be lifted on July 13-15, also from Chennai.

In a previous deal, IOC was said to have sold a 380-cst cargo at a larger discount of $6-7 per tonne to the IOC formula, FOB, to oil major BP. The 380-cst lot was scheduled for loading on June 26-29.

In May, IOC sold a 30,000-tonne parcel to BB Energy at a discount of $6 a tonne to the IOC formula, FOB.

Meanwhile, in the bunker supply market, IOC announced in May that it had commenced supplying 380-cst to ships calling at the port of Chennai.

The company is utilizing 380-cst product from the 185,000 barrels-per-day (bpd) Manali Refinery, Chennai, which is operated by its subsidiary Chennai Petroleum Corporation Ltd (CPCL).

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.

Last month, industry sources reported that CPCL is looking to substantially increase its bunker sales volumes at Chennai over the next 12 months.

According to market estimates, CPCL's bunker sales at Chennai are currently at around 5,000 tonnes per month, and the company is reported to have the capacity raise the amount according to market demand. IOC is said to be looking to increase sales by 100 percent within a year to around 10,000 tonnes.

Leading marine fuels supplier Chemoil has also announced that it intends to begin supplying at Chennai by the end of the year


Ardmore Shipping logo. Ardmore Shipping posts 14% fleet emissions reduction in 2025 sustainability report  

Ardmore Shipping’s annual sustainability report highlights emissions cuts, safety gains and governance rankings across its tanker fleet.

Peter Keller, SEA-LNG. SEA-LNG mid-year review points to continued growth across methane pathway as coalition marks tenth anniversary  

LNG orders, bunkering volumes and biomethane production all rise as SEA-LNG gains IMO consultative status.

Heinz vessel. Econowind receives DNV type approval for VentoFoil 3-Series wind propulsion wing  

DNV certification set to streamline integration of VentoFoils on classed vessels worldwide.

Wärtsilä ammonia engine Wärtsilä to supply ammonia engines and propulsion systems for two Navigator Amon gas carriers  

Mid-size LPG/liquid ammonia carriers will be equipped with Wärtsilä’s ammonia-fuelled auxiliary engines.

Phil Sharp and Toon Muhlheim. Genevos and Koedood Marine Group sign LOI to explore hydrogen fuel cell deployment  

Two companies to collaborate on the use of hydrogen fuel cell systems for inland and coastal maritime transport.

Samskip SeaShuttle vessel render. Samskip brings SeaShuttle project into European HyShip initiative to develop liquid hydrogen infrastructure  

Two hydrogen-powered container vessels will operate between Rotterdam and Oslo from 2027.

Antwerpen vessel. Korea Register and HD Hyundai team up to advance ammonia-fuel shipping in South Korea  

Two organisations are cooperating on eco-friendliness verification for ammonia dual-fuel vessels.

Fabio Cococcetta, WinGD. Green ammonia could become the first commercially viable zero-emission marine fuel, WinGD study suggests  

Joint report by WinGD and Envision Energy sets out the economic case for green ammonia.

Rasul Shirinov, Oilmar. Oilmar appoints junior marine fuels trader at Dubai trading desk  

UAE-headquartered bunker firm hires Rasul Shirinov, with a background in the agricultural sector.

Antonia Maersk vessel. Maersk bunkers large dual-fuel vessel with 100% ethanol in Barcelona  

Ocean carrier scales up ethanol bunkering in bid to broaden its low-emission fuel strategy.