Singapore bunker prices rose on Monday, tracking higher fuel oil cargo values. Bunker fuel of 380-centistoke (cst) grade was pegged at $193-$195 a tonne, up $6 from the previous trading day with the premium to cargo levels narrowing by $4.13 to $6.75 a tonne. "The widening bunker premium is down to supply tightness until the end of the month. Many suppliers, including at least two majors, have sold most of their January allocations," a Singapore-based trader said.
"At the same time, a number of shipowners had been holding back their requirements, hoping that prices would fall. Prices didn't fall and they can't hold on any more."
The traders said demand was healthy and most enquiries were for prompt supply dates of January 27-30. One deal, for 1,250 tonnes delivery on January 28, was done at $194 a tonne.