Singapore bunker prices rose on Wednesday, with premiums surging well above $10 a tonne as supplies tightened on intensifying berthing congestion, traders said.
Prices for 380-centistoke (cst) bunker fuel were pegged at $333-$335 a tonne, up $5 from Tuesday's Asian close, with the differential to fuel oil at a premium of $12.85, up $2.30.
In the regional markets, prices were lower-to-stable as suppliers in Hong Kong, South Korea and Japan cut premiums to spur demand. Margins have thinned but outright prices remained high because of soaring fuel oil cargo values and buyers have been put off.
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