The premium for IFO380 bunkers in Singapore compared to Rotterdam has narrowed to within a few dollars for the first time this year, Ship & Bunker data has shown.
Until last week the benchmark grade was on average priced $20.00 per metric tonne (pmt) higher in Singapore, with the spread reaching as much as $30.00 pmt in early April.
Last week the differential started to narrow, closing to just $2.00 pmt yesterday.
A gain of $1.00 to $587.00 pmt in Rotterdam today, versus a gain of $1.50 to $589.50 pmt for the product in Singapore meant the spread today widened to $2.50.
More bunker prices: http://shipandbunker.com/prices