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NEW UPDATES Asean Affairs  6 July 2015  

Record Singapore fuel oil trades congest port

BUYERS trying to load record fuel oil volumes traded last month in Singapore are congesting the port’s oil terminals, while land tanks are nearly full and tens of millions of barrels of marine fuel are being held in ships, traders and shipbrokers said.

Almost six million tonnes, or 39 million barrels, of fuel oil were traded in June in the world’s largest market for shipping fuel during an end-of-day pricing process, pushing up rates for Aframax vessels to near seven-year highs as buyers tried to find tankers to load the cargoes.

Complaints of loading delays resulted in at least two companies being temporarily barred from oil pricing agency Platts’ daily market-on-close price assessment process, traders said.

Platts - which declined to comment - periodically bans companies from its pricing process for trading behaviour, financial concerns or non-fulfilment of contracts.

“There are loads of delays in Singapore and many vessels are loaded with fuel oil, and I believe some of them have not found a home,” a Singapore-based shipbroker said.

At least 28 tankers have been hired for short-term charter by various traders, including Glencore’s shipping arm ST Shipping and Petrochina’s trading arm Chinaoil, possibly to store the excess oil. One broker estimated that another 10-18 tankers are loaded with fuel oil unable to find buyers. Some 8-12 cheaper clean tankers have also been chartered to load fuel oil instead, and with so many cargoes changing hands, the congestion and shipping tightness are expected to ease only later in July.

“Oil bought ... in June is yet to be fully disposed and now the buyers’ vessels are looking to run late for loading,” a trader said.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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