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Singapore 380-centistoke HSFO cash premium rises to new record

(Reuters) - Asia’s cash premium for 380-centistoke (cst) high-sulphur fuel oil (HSFO) cargoes surged to a fresh record on Friday, according to Reuters data.

The cash premium for the mainstay 380-cst HSFO in Singapore rose to $46.22 per tonne above Singapore quotes, up from the previous high of $45.75 per tonne hit on Thursday.

HSFO cash differentials have soared in recent weeks, thanks to tight regional supplies ahead of a switch to cleaner marine fuels from next year.

Starting Jan. 1, 2020, shippers need to comply with new International Maritime Organization (IMO) rules that require them to use bunker fuel with a sulphur limit of 0.5%, down from 3.5% currently.

Reporting by Koustav Samanta; Editing by Mark Potter