Platts to launch new B24 HSFO Singapore biobunker assessment, update Singapore LSFO biobunker assessment name

Platts, part of S&P Global Commodity Insights, will launch a biobunker B24 HSFO Singapore assessment to better reflect current market dynamics, effective March 3, 2025.

Platts will also update the name of its current biobunkers Singapore LSFO assessments, effective March 3, 2025.

B24 HSFO Singapore biobunkers

Platts has observed an increase in Singapore-based B24 biobunker high sulfur fuel oil demand in 2024. According to the latest data from the Maritime and Port Authority of Singapore, the proportion of bio-blended HSFO sales out of the total biobunker sales in Singapore jumped to 10.1% in 2024 from slightly over 1% in 2023. This trend is expected to continue in the biobunkers market.

On the back of growing market interest, Platts will launch a new Singapore biobunkers assessment for B24 HSFO, effective March 3, 2025.

The assessment would reflect the marine fuel blend of 24% biodiesel with HSFO. Platts would publish the Singapore biobunkers market-based assessment as a differential to Platts FO 380 CST 3.5%S FOB Spore Cargo (PPXDK00) and as an outright value. Based on market feedback, the volumes of B24 HSFO stems are generally larger than B24 LSFO stems, hence the new assessments will reflect volumes of 1,000 mt to 2,000 mt. Other specifications would match those of the existing B24 LSFO Singapore assessments.

The assessment specifications will be as follows:

Other delivery periods and volumes may be considered in the Platts Market on Close assessment process and normalized back to the above specifications.

The B24 biobunkers HSFO Singapore assessment will consider market information reported to Platts published as heards throughout the day, including firm bids and offers, trades and indicative values, as well as any other data deemed relevant to the assessment process.

In the absence of observable spot market activity, Platts may consider other verifiable data reported.

The daily assessments will reflect a 5:30 pm Singapore time market close and follow the Platts Singapore publishing schedule.

The assessment will be published on Platts Biofuels Alert (PBF2500), in the Bunkerwire Report, Biofuelscan report and Biomass-Based Diesel Report.

B24 biobunkers LSFO Singapore name change

In addition, Platts will be updating the name of its current biobunkers Singapore LSFO assessments to B24 Biobunkers LSFO Singapore to show the specific biodiesel blend ratio for the assessments. The symbols affected would be Biobunkers Singapore LSFO Outright Price (LSFOO00) and Biobunkers Singapore LSFO Premium (LSF0B00). This change will also take effect on March 3, 2025.

This follows market feedback indicating that more clarity was needed on the blend ratio for the biobunker prices published.

Please send any further comments, feedback or questions to mrts_biofuelsandfeedstocks@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.