Singapore — The first deal for a cargo of Marine Fuel 0.5% was reported in the Platts Market on Close assessment process in Singapore on Wednesday.
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Shell sold a 20,000 mt cargo of Marine Fuel 0.5% on a FOB Straits basis to P66 at a premium of $19/mt to October average of the Mean of Platts Singapore Marine Fuel 0.5% assessments.
The MOC process on Wednesday saw bids from P66 and Sinopec Hong Kong as well as offers from Vitol and Trafigura.
Platts launched daily cargo and barge assessments for Marine Fuel 0.5% reflecting residual marine fuels with a maximum sulfur limit of 0.5% at key ports across the globe starting January 2, 2019.
These assessments were launched 12 months ahead of the planned introduction of new sulfur limits in marine fuels by the International Maritime Organization from January 1, 2020.
Marine Fuel 0.5% reflects specifications for RMG fuels as defined by the International Organization for Standardization in document 'ISO 8217:2010 Petroleum products - Fuels (class F) - Specifications of marine fuels,' but with a sulfur cap of 0.5%.
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