Singapore Market Commentary (with evening update)

Tue 6 Nov 2012, 06:14 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Fueloil cargo was closed higher by USD 4-5/MT, lagging behind earlier gains of paper value. On the other hand, Gasoil cargo surged by USD 2.10-2.20/BBL. Our bunker indication remains broadly unchanged for Fueloil but MGO indication was revised higher.

Morning Commentary

December crude futures rebounded upon closing last night with NYMEX gaining USD 0.79/BBL and ICE Brent gaining more, closing higher by more than USD 2.00/BBL. However, both crude prices remained broadly unchanged this morning.

Upon opening today, paper trades reacted strongly to the bullish crude sentiment, pushing up Fueloil and Gasoil by USD 14.30/MT and USD 2.15/BBL respectively. Our bunker indication in the meantime, is revised higher for all grades.

MGO Singapore Singapore (SG)


		Molgas completes first LNG bunkering operation at Palermo Spanish energy firm carries out maiden LNG delivery at Sicilian port.

		Tsuneishi China delivers third methanol dual-fuel boxship in series Zhoushan shipbuilder hands over another 5,900-teu Maersk container vessel.

		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.

		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.

		Bunker Holding posts $73m pre-tax profit amid geopolitical headwinds and board overhaul Marine fuels exceeds its own expectations despite 4% revenue decline.

		Oilmar formalises governance structure with establishment of board of directors Dubai-based marine fuels trader Oilmar appoints three-member board.

		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.

		Maersk Tankers CEO Tina Revsbech joins Bunker Holding board Danish USTC Group appoints shipping veteran to subsidiary’s board of directors.

		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.

		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.