Singapore bunker sales down about 10%

 February marine fuel sales in Singapore, the world's largest bunker port by volume, fell by about 10 per cent to 3.3 million tonnes, from the preceding month's all-time high, official data showed on Friday.


Traders said February volumes are seasonally lower due to the post Lunar New Year-holiday lull and strong premiums for the month due to tight supplies of on-specification cargoes, but the volumes are still higher, by 8.2 per cent, compared to the same month a year ago, Reuters reports.


'The market was at its peak in February, when bunker premiums were as high as US$20.00 (S$26.00) a tonne and for an extended period of time, while cargo premiums also hit record-highs of above US$10.00,' said a Singapore-based Asian trader.


'But despite the strong market, demand was there because shipowners were worried that crude would get higher and topped up as much as they could in Singapore, being the cheapest port in Asia.'


In February, cargo premiums for both the 380-centistoke (cst) and 180-cst grades hit all-time levels of above US$14.00 a tonne, while its front timespread shot to a more than two-year high of US$13.00 in backwardation.


Bunker premiums also held firm at above US$10.00 a tonne, and peaked above US$20.00, as the market suffered tight supplies of below 3 million tonnes of Western inflows for three straight months up till February.
(Source:http://en.portnews.ru)