Malta bunker fuel premium hits six-week low as demand ebbs

2017-04-28

Malta bunker fuel premium hits six-week low as demand ebbs

The traditional premium of 380 CST fuel oil at Malta over the high sulfur Med CIF cargo regional benchmark hit a six-week low Wednesday, as recent strong demand at the island slackened.

Malta bunker fuel was assessed at $292/mt delivered Wednesday, an increase of $2 on the day. HSFO CIF Med cargoes were assessed at $285/mt delivered, up $5.2 on the day, resulting in a premium for Malta bunker fuel of $7/mt.

The last time it was assessed that low was March 15.

The premium was much wider in previous days, averaging $16/mt April 20-25.

The Mediterranean bunkering hub of Gibraltar was closed due to bad weather, a spokesman for the port authority said April 20. It was re-opened by April 24 but the ensuing backlog stimulated demand at Malta, sources said, supporting prices there.

A spokesman for the Gibraltar port authority said late Wednesday the queues of vessels waiting to bunker at the port had cleared.

Source: Platts

Source from : International Shipping News

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