S&P Global Platts will launch new low-sulphur marine gasoil and diesel oil prices at several bunkering ports in Asia from June, it said in a note to subscribers on Tuesday.
This is to cater to the rising sales of the fuel sold in Singapore and as sulphur limits are expected to tighten globally in the years ahead, the company said.
While low-sulphur marine gasoil only accounts for a fraction of bunker fuel sold in the region, sales has grown substantially, Platts said.
In Singapore – Asia’s largest bunkering, or ship fuel, port – sales of the fuel have grown nearly six-fold in the last three years to hit a record of 1.14 million tonnes in 2016, the company said.
“The new assessments would capture the expected growth in liquidity of low-sulphur barrels in the marine fuels market across the region as sulphur limits globally are set to tighten further in the years ahead,” Platts said in the note.
The company will launch the low-sulphur marine gasoil and low-sulphur marine diesel assessments to reflect fuels with a maximum sulphur content of 0.1 percent.
The new prices, which will be launched on June 1, 2017, will be published alongside existing marine gasoil and marine diesel prices, Platts said.
Platts will publish low-sulphur marine gasoil prices at Singapore, Fujairah, Hong Kong, Shanghai and South Korea and low-sulphur marine diesel prices at Tokyo Bay and West Japan.
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Source: Platts
