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  • Flood of Russian fuel oil into Singapore boosts bunker margins - Ship & Bunker
  • 2023 February 3 12:36

    Flood of Russian fuel oil into Singapore boosts bunker margins - Ship & Bunker

    An influx of cheap Russian fuel oil into Singapore is helping lift margins on marine fuel sales, according to Ship & Bunker. Sanctions placed on Russian by a number of nations, such as the December price cap imposed by European Union member states, has put pressure on demand for Russian product, lowering its price.

    While it remains a sensitive issue, many nations in Asia are taking a more neutral stance on the conflict and Singapore is among those who have no import restrictions on Russian oil. This leaves the world's largest marine fuel hub able to take in the lower cost oil where it can then be blended and redistributed.

    As blending Russian product with that from other sources can mask its origin, the resulting blend can be sold on at an elevated price. William Tan, senior VP at Singapore-based marine fuel consultancy Miyabi Industries, estimates such blends can result in margins of around 20%, compared to a more typical 10-12% when using only non-Russian product. "Some of this blended fuel may go into the bunker fuel in Singapore, or be traded off to nearby countries such as Indonesia and Vietnam," Tan was quoted as saying. The dynamic has resulted in strong demand for storage in the city state, with local executives saying that over the last year the cost of a six-month lease for fuel oil and crude storage in Singapore has risen by as much as 20%.




2023 March 31

16:15 Kaiun Kaisha announces delivery of “Oceanus Aurora”
15:41 Norsepower and IINO Lines agree to install Norsepower Rotor SailsTM on a newbuild VLGC
15:23 Antwerp Terminal Services and CMB.TECH launch world’s first hydrogen dual fuel straddle carrier
15:06 Russian Railways gets discounts for cargo transportation by eastern line of North-South corridor
14:44 Dredging in Ob Basin of Russia’s IWW to make 4.8 million tonnes this year
14:30 Orsted takes final investment decision to build Greater Changhua 2b and 4 offshore wind farms
14:13 Seven сompanies plan to build new Sinopec-backed Hambantota refinery
13:48 World's first large electric container carrier completes power system debugging and test
13:20 GTT entrusted by Hyundai Samho Heavy Industries with the tank design of three new LNG сarriers
12:57 Rosmorport declared winner of The Industry Leader 2022 contest
12:50 AD Ports Group invests in latest VTMIS technology to enhance maritime safety and efficiency
12:30 Japan bans exports of steel, ship engines and radio equipment for navigation to Russia
12:14 17 companies join action to make shipping more sustainable with biofuel
11:41 USC takes part in experiments with unmanned tugboats as part of the pilot project in the port of Novorossiysk
10:54 Onezhsky Shipyard delivers lead crab catching ship of Project 5712LS to Russian Crab Group
10:09 Korean Register signs MOU with Microsoft Korea to Collaborate on Digital Transformation
09:52 Metrans expands rail network to South-Eastern Europe
09:48 Rosatom does not consider changing construction deadline for nuclear-powered icebreaker Rossiya
09:19 Viterra to cease exports of Russian grain from 1 July 2023

2023 March 30

18:23 Konecranes launches new Zero4 program to receive EUR 70 million from Business Finland
18:17 NORDEN partner with Spar Shipping on use of biofuel
18:07 Belize, Japan and Portugal join the 2012 Cape Town Agreement
17:54 Transport hub for Russia’s export grain to be created in Iran
17:31 RF Government to finalize plans on development of transport corridors
17:29 NORDEN enters Capesize segment
17:23 Seaspan gets more than $2 billion in contracts to Canadian companies for the design and construction of new, large non-combat vessels
17:20 Wan Hai Lines holds ship naming ceremony for new vessel Wan Hai 331
17:15 Meyer Werft announces keel laying for Disney Treasure
17:06 Russian Federal Fisheries Agency approves expansion of Zvezda shipyard’s capacity
16:45 The combined EBIT of 12 largest shipping lines reach USD 95bn in 2022
16:26 Wartsila launches world-first radical derating solution for two-stroke engines
16:25 DP World sets new Southampton record for handling containers on ship
16:05 Hyundai GLOVIS partners with GoodFuels on first biofuel bunkering for a Korean flagged PCTC vessel
15:42 EU agrees stronger legislation to accelerate the rollout of renewable energy
15:29 TransContainer launches service for cargo traffic to China via Saint Petersburg
15:20 LR awards AiP to Hyundai Heavy Industries for its new Onboard Guidance System
15:04 SCZONE signs a framework business agreement with Suez Canal Container Terminal Company
14:57 RF Transport Ministry extends validity period of seafarers’ documents until 30 June 2023
14:32 MacGregor receives a large order for RoRo equipment for dual-fuel LNG Pure Car and Truck Carriers for Sallaum Lines
14:28 ScottishPower formalises a £1.3billion contract with Siemens Gamesa for 95 wind turbines for the East Anglia Three offshore windfarm
13:54 COSCO SHIPPING Ports total throughput increases by 0.6% to 130,107,074 TEU in 2022
12:58 Alfa Laval joins the Global CCS Institute
12:46 USC’s Lotos Shipyard starts cutting steel for lead container ship of Project 00108
12:22 Sergey Kulikov appointed as General Director of Russian Maritime Register of Shipping
12:01 MAN Energy Solutions’ MAN 49/60DF engine receives Type Approval
11:45 Dredging works commenced on Volga-Caspian Canal
11:33 Port of Houston container volumes up 15% in February 2023
11:04 VARD Electro AS signs multi-million-euro project with Yaskawa Environmental Energy / The Switch
10:41 Global long-term container rates down by 24% since August 2022 - Xeneta
10:23 RC Dock receives Class Approval from RINA for new remotely controlled unmanned workboats
10:11 RosGeo invested about RUB 500 million in equipment of ships in 2022
09:58 The Maritime and Port Authority of Singapore сollaborates with Bluenergy Solutions to launch Proof of Value project for clean tidal energy
09:24 Ordering of special ships for tourism is easier than modernization of research vessels for cruises - RosGeo

2023 March 29

19:28 The problem of excess stock in Russia’s Far Eastern ports is settled – Vladimir Putin
18:37 ABP and Sizewell C plan to develop Direct Air Capture facility at Port of Lowestoft
18:06 Port of Savannah adds 55 hybrid yard cranes
17:46 ADNOC LS unveils Integrated Logistics Services Platform
17:30 Roundtable meeting “Working professions in seaports” to be held in online format on 25 April 2023
17:16 Inland ports welcome a a deal on the requirements for Alternative Fuel Infrastructure
17:03 Rosneft Oil Company and Indian Oil Company sign agreement to substantially increase oil supplies