Manifold Times

The premium of very-low sulphur gasoline oil (VLSFO) bunkers in Singapore over the high-sulphur gasoline oil (HSFO) grade, additionally known as the scrubber or Hi-5 spread, is nearing record-high ranges due to a scarcity of VLSFO and ample HSFO provides.

27 May, 2022

The scrubber spread on 26 May was assessed at $359/t, or simply $11.50/t shy of its all-time excessive of $370.50/t on 2 January 2020 when the International Maritime Organisation’s sulphur cap took impact, in accordance with Argus knowledge.

This spread is a key indicator of scrubber economics, with values above $100/t sometimes assumed to be excessive sufficient to immediate a vessel to put in a scrubber. The present excessive values translate into substantial financial savings for these shipowners with scrubbers already put in.

Singapore has seen a extreme scarcity of VLSFO coming into the city-state in May due to a steep backwardation, with immediate costs at a premium to ahead values, in Asia making arbitrage flows from west of Suez unviable.

This has resulted in record-high premiums of VLSFO amid excessive outright costs, with Argus on 26 May assessing the grade at $1,000/t for deliveries earlier than 7 June.

“We are facing skyrocketing prices and difficulty to secure prompt barrels of VLSFO”, stated one purchaser.

HSFO cargoes have been constructing in Singapore, primarily due to an inflow of provides from the UAE and Iran this month as each international locations imported extra low-cost Russian gasoline oil.

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This in flip has resulted in falling premiums of HSFO and decrease outright costs on some days regardless of increased crude and paper values

The excessive premium of VLSFO over HSFO, or somewhat the steep low cost of HSFO over VLSFO, may not really lead to a rush to put in scrubbers.

“It is difficult to change the installations on the vessels, with a very long lead time of up to 12 months”, remarked one other shipowner.

By Sammy Six

 

Photo credit score: Argus Media
Published: 30 May, 2022

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