September 17, 2019 / 11:05 AM / a month ago

Singapore high-sulphur fuel oil cash premium rises to new record

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

The cash premium for 380-cst HSFO in Singapore rose to $61.63 per tonne above Singapore quotes, up from a previous high of $59.19 per tonne hit on Monday.

HSFO cash premiums have climbed in recent weeks, boosted by firm demand and scarce 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 Louise Heavens

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