IMO compliant fuel oil trades at $445-455/t in Med
A cargo of 0.5pc sulphur fuel oil traded in the Mediterranean at around $445-455/t, giving some indication of a nascent price point for product compliant with the forthcoming marine fuel sulphur cap.
Shipping company Euronav bought the 30,000t cargo from an unidentified supplier. This is part of the firm's efforts to fill an Ultra Large Crude Carrier (ULCC) it has bought for the purpose of filling with fuel compliant with the International Maritime Organization (IMO) cap.
The deal was not confirmed with Euronav.
The price is a $45-55/t premium to the high-sulphur standard finished bunker grade RMG fuel oil assessment of $399.50/t on 21 March. RMG fuel oil is the most liquid European fuel oil assessment.
Euronav previously bought some cargoes of low-sulphur straight run fuel oil and cracked low-sulphur fuel oil for its ULCC, which is moored off Malta. Euronav is buying compliant fuels for its own consumption when the IMO regulations kick in next year.
Total and Italian refiner Iplom can supply 0.5pc fuel oil to the Mediterranean. Italy's Saras and Spain's Repsol produce fuel oil with a sulphur content of 0.6-0.7pc.
source: Argus Media
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