Singapore VLSFO breaks $1,000/tonne for first time since March
Fuel oil stocks fell 6% in October despite 16% rise in net imports as Iran conflict drives bunker costs up 92% since February.
Singapore very low sulphur fuel oil broke $1,000 per tonne on October 28 for the first time since March, reaching $1,000.50 before climbing to $1,019.50 on November 1 and easing to $1,003.50 on November 4, according to Ship & Bunker data. High sulphur fuel oil stood at $898.50 per tonne on November 4, while marine gasoil was assessed at $1,263.
VLSFO up 92% since February conflict onset#
Singapore VLSFO traded at $521.50 per tonne on February 28, immediately before US-Israeli strikes on Iran began. The fuel has since increased 92%, having peaked at $1,120.50 on March 13. A vessel taking 3,000 tonnes of VLSFO now pays approximately $3 million, compared with $1.56 million before the conflict, an additional $1.45 million per stem. The Singapore VLSFO-HSFO spread stood at $105 per tonne on November 4.
Fuel oil stocks down despite import rise#
Residual fuel oil stocks in Singapore averaged 18.56 million barrels in October, down 1.19 million barrels or 6% from September, Enterprise Singapore data show. The decline occurred despite a 16% increase in net fuel oil imports. Imports rose 765,000 barrels to 5.88 million barrels, while exports increased 250,000 barrels to 2.09 million barrels, leaving net imports at 3.80 million barrels, up 515,000 barrels month-on-month.
UAE supplies 16% of October inflows#
The United Arab Emirates accounted for 16% of Singapore's fuel oil imports in October, the largest single source, followed by Brazil at 13% and Russia at 11%, cargo tracker Vortexa reported. On the export side, China received 37% of Singapore's fuel oil cargoes, followed by Malaysia at 26% and Bangladesh at 10%. Middle distillate inventories increased 8% to 9.14 million barrels in October.
Lead times extend as procurement tightens#
Recommended lead times for VLSFO in Singapore now start at around 13 days, with some suppliers advising more than three weeks, against 12 to 15 days a week earlier, according to ENGINE. HSFO lead times stand at around 10 days but stretch to as long as three weeks, almost unchanged from 12 to 21 days previously. LSMGO lead times narrowed to 9 to 11 days from 7 to 14 days. Regional price disparities remain substantial: Rotterdam VLSFO was assessed at $763.50 per tonne on November 4, around $240 below Singapore, while Fujairah stood at $991.50.
Sources2 sources across 2 domains
- splash247.comSplash247Singapore VLSFO reached $1,000.50/tonne on October 28, climbed to $1,019.50 on November 1, eased to $1,003.50 on November 4; HSFO at $898.50, MGO at $1,263; VLSFO was $521.50 on February 28; 92% increase; $3m bunker bill for 3,000 tonnes vs $1.56m pre-conflict; VLSFO-HSFO spread $105; Rotterdam VLSF
- hellenicshippingnews.comHellenic Shipping NewsFuel oil stocks fell 6% or 1.19 million bbls to 18.56 million bbls in October; net imports up 16% or 515,000 bbls to 3.80 million bbls; imports up 765,000 bbls to 5.88 million bbls; exports up 250,000 bbls to 2.09 million bbls; UAE 16% of imports, Brazil 13%, Russia 11%; China 37% of exports, Malays
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