Singapore bunker prices rose on Wednesday, tracking higher 380-cst fuel oil cargo values. Suppliers pegged 380-cst bunker fuel oil levels at $187-$189 a tonne, up $1 from Tuesday. Prices for the 180-cst grades were also stable at $197-$199. "Despite the rise in prices, demand continues to pick up as some shipowners could not hold on to their requirements any longer," a Singapore-based supplier said.
"The prompt market is starting to get tight and suppliers are already asking for a premium of $1-$2 a tonne for deliveries within the next three days or less."
The premium of bunker prices to cargo values was at $3.38 a tonne, down $1.62 from Tuesday.
In Japan, one major supplier sold bunkers at below-market levels of $220 a tonne in an attempt to clear stocks.
"The other refiners are offering at $7-$8 a tonne higher and of course, no one is buying from them. In any case, the market has been rather quiet."
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