07-07-2017

Mixed bunker fuel availability at Malta following surge in premium over benchmark

bunker

Supply of bunker fuel at Malta was heard mixed Thursday, amid a year high in the assessment’s premium over the regional high sulfur fuel oil benchmark.

S&P Global Platts assessed 380 CST fuel oil at Malta at $300/mt delivered Wednesday, down $5/mt on the day. The fall was considerably less than the $11.25/mt drop in high sulfur Med cargoes to $275.50/mt CIF.

The premium of the Malta assessment was thus $24.50/mt, its highest point since $26.50/mt on July 7, 2016.

“Product is fully committed at Malta; nobody has barge availability until next week,” a trader said Thursday. “It is not clear if this is due to commitments to other vessels or a lack of cargoes.”

Availability was not uniform. Supply was sufficient both Wednesday and Thursday, some suppliers said. However, one said this was not the case for all suppliers. “There are some difficulties in Malta for the competition,” the supplier said Thursday.

The wider market for fuel oil in the Mediterranean has seen improved availability, with growing numbers of suppliers offering material. This has resulted in competitive bids in S&P Global Platts Med cargoes Market on Close assessment process recently.

Malta bunker fuel was indicated at $289-$296/mt delivered Thursday.

Source: Platts 

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