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Tue 3 Aug 2010, 05:39 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Cargoes trading ended firm today, especially the Distillates. Fueloil cargo surged higher once again today by about another USD7.00/MT, with two physical deals traded. Gasoil cargo concluded bullish by around USD2.00/BBL. Similarly, two lots of cargo were reported being sold. br>
Without doubt, delivered prices were offered more expensive for all grades, along with rapid rise of Light Sweet Crude Oil futures. Meantime, our bunker indication is revised upward once again only for the MDO/MGO, amid average demand.

Morning Commentary

NYMEX Crude price surged sharply last night to settle at USD81.34 a barrel. Thus, it pushed up the Papers market substantially today. Fueloil paper opened much firmer by USD13.00/MT while Gasoil paper was talked bullish by USD2.15/BBL.

This will in turn stimulate bunker market to sell more expensively later in the day. WTI Access trading is showing moderately steady, though marginal gains still. Meanwhile, our bunker indication is revised upward for all grades.

MGO   Singapore  Singapore (SG) 
Truck-to-ship (TTS) LNG bunkering at Port of Palermo. Molgas completes first LNG bunkering operation at Palermo  

Spanish energy firm carries out maiden LNG delivery at Sicilian port.
Maersk 5,900-teu vessel. Tsuneishi China delivers third methanol dual-fuel boxship in series  

Zhoushan shipbuilder hands over another 5,900-teu Maersk container vessel.
Type approval test (TAT) for ME-LGIA ammonia engine. Everllence completes type approval test for ammonia engine ahead of sea trials  

Eight classification societies oversee testing of ME-LGIA ammonia engine at Copenhagen research centre.
Zhong Ran 23 vessel. CPN bunker barge becomes first vessel listed under Hong Kong’s new quality bunkering scheme  

Zhong Ran 23 achieves listing under the Marine Department’s voluntary mass flow metering initiative.
Peder Moller, Bunker Holding. Bunker Holding posts $73m pre-tax profit amid geopolitical headwinds and board overhaul  

Marine fuels exceeds its own expectations despite 4% revenue decline.
Oilmar Board of Directors graphic. Oilmar formalises governance structure with establishment of board of directors  

Dubai-based marine fuels trader Oilmar appoints three-member board.
Henrik Andersen, Vestas Wind Systems A/S. Vestas Wind Systems CEO appointed vice chair of Bunker Holding  

Henrik Andersen joins the board of the marine fuels group with more than two decades of international business experience.
Tina Revsbech, Maersk Tankers. Maersk Tankers CEO Tina Revsbech joins Bunker Holding board  

Danish USTC Group appoints shipping veteran to subsidiary’s board of directors.
Yampu vessel. CSL delivers world’s first battery-powered self-unloading bulk carrier  

MV Yampu will transport limestone for Adbri in Australia, with full electric operation targeted by 2031.
Illustration of hydrogen fuel cell system. NYK, Yanmar and Eneos to install hydrogen fuel cell system on new Tokyo dining cruise vessel  

Three Japanese companies are collaborating to bring hydrogen propulsion to a dining cruise ship due to enter service in 2027.




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