By Srinivas Chowdary Sunkara // petrobazaar // 7th August, 2019.
The World Bunker Index consist of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) continued downward trend yesterday. In Singapore, Fuel Oil 180 cSt, 380 cSt, MGO and MGO(LS) futures prices dropped above 4% to $428 , $398, $565 and $573 respectively during the yesterday's session. The world oil indexes plunged further on renewed concerns over escalation of trade tariff tensions between two major economies. Analysts are in the opinion that bunker price index will continue downward evolution today.
Ship&Bunker reported that OceanConnect Marine recently announced a major revision to its online bunker purchase platform to make it 'IMO 2020 ready". OCM's platform has always been and remains a reverse auction or as OCM calls it, "the Ebay for bunkers". The system brings buyers and suppliers together online and the process follows a traditional fuel procurement process. Buyers login to their account on the site, specify their fuel requirement and invite physical suppliers to participate in an online auction.
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