By Srinivas Chowdary Sunkara // petrobazaar // 19th June, 2019.
Fuel oil (F.O) futures prices were down yesterday in Singapore market. Both the 180 cSt and 380 cSt graded fuel oil futures prices were closed $5.5 down to $400 and $368 while MGO prices dropped by $11 to $540.5. The global crude markers surged on resumption of U.S trade talks with China ahead of G-20 meet. Mounting tensions in Middle East also lent support to oil complex.
After an assurance on consistent supply of IMO compliant fuel by many of the speakers at recent Platts 16th Annual Bunker and Residual Fuel Conference in Houston, Sergey Ivanow told that it is unclear if there will be enough VLSFO available in time to meet the demand. He wrote in the June issue of the Bimco Bulletin that although regular VLSFO deliveries to the global bunker market can be expected in the third quarter, The supply of IMO-compliant fuel from the oil majors is far from certain. He further said that many shipowners are ready to make the switch to the news requirements, "The bunker market is not".
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IMO news courtesy:ship&bunker