The marine fuel supply in the ports of Singapore and Malaysia is facing serious challenges. In Singapore, the inventory of fuel oil has been limited, and the supply of VLSFO (very low sulfur fuel oil) is under pressure due to reduced supply flows and inventory constraints.
Fuel Supply Situation in Singapore
The waiting time for VLSFO supply in Singapore has reached about 13 days, with some suppliers recommending over three weeks. Last week, the waiting time for this type of fuel was between 12 to 15 days. Additionally, the waiting time for HSFO (heavy sulfur fuel oil) is around 10 days, which may increase to three weeks. For LSMGO (low sulfur marine gas oil), the waiting time has decreased to 9 to 11 days, which is an improvement compared to 7 to 14 days last week.
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Fuel Supply Situation in Malaysia and Other East Asian Ports
At the Port of Klang in Malaysia, fuel supply is limited for several types. The inventory of VLSFO is particularly constrained, and the supply of LSMGO is also facing challenges. In East Asia, the supply situation for VLSFO and HSFO at the Zhoushan Port in China is also under pressure, with some suppliers reporting low inventories and reduced imports.
Fueling operations in Zhoushan have been suspended due to adverse weather conditions caused by Storm Champi since last week. Operations are expected to resume on October 28. In other Chinese ports like Dalian and Qingdao, there is sufficient supply of VLSFO and LSMGO, but in Qingdao, the supply of HSFO is limited.
The fuel market situation in South Korea is also under pressure due to rising Brent crude prices. The price of VLSFO at the Port of Busan has increased by about $100 per ton since the beginning of October, reaching around $1,069. In southern ports like Busan and Ulsan, the waiting time for fuel supply has increased to 5 to 8 days.
Finally, fuel supply in Japan is facing severe constraints, with VLSFO inventories in the ports of Tokyo, Chiba, and Kawasaki significantly reduced. Additionally, the fuel supply situation in Australia and New Zealand is reported to be generally stable; however, weather-related risks may impact supply operations in these regions.
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