Singapore Fuel Trading Volumes Halved In 2018 As IMO Rules Affect Markets
The volume of high-sulphur fuel oil (HSFO) traded in the s&p global price assessment process for Singapore fell by almost half in 2018, Reuters reported, and s&p said the market had been gradually shifting ahead of tougher global rules on offshore fuels to be introduced in 2020.
The 2020 rules will ban ships from burning fuel with sulphur content above 0.5%, compared with 3.5% today, unless ships are equipped with 'scrubbers' to clean up sulphur emissions.
Arnaud Humblot, global communications manager at s&p, said: "it is clear that the international maritime organisation's new 2020 global cap on sulphur for Marine fuels is having a significant impact on the Marine fuel market."
According to platts, 11.786 million tons of high-sulfur fuel oil were traded in Singapore in the platts closing price assessment process in 2018, down 46 percent from 21.935 million tons in 2017 and 34 percent from 17.834 million tons in 2016.
Five Singaporean traders said uncertainty in the fuel trading world had led to mergers, disbanding or even outright withdrawal of the fuel trading arms of some major oil companies by 2020.
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