Suppliers said demand and supply fundamentals were expected to remain the same in July, which resulted in the stable premiums.
Supply in Hong Kong is sufficient as cargo replenishment is arriving on schedule, said suppliers. But demand remains weak given the slow maritime cargo transportation, they added.
Meanwhile, the premium for Hong Kong ex-wharf 180 CST bunker fuel for July was settled at $18-21/mt above MOPS 180 CST HSFO assessments, compared with 18-19/mt for June, suppliers said.
The premium for marine gasoil in Hong Kong for July was settled at $15-16/mt to MOPS gasoil assessments, unchanged from June, they said.
Fuel oil is imported into Hong Kong by ExxonMobil, Chevron, Sinopec and Chimbusco Pan Nation, mainly from Singapore, and sold on an ex-wharf basis as bunker fuel to local traders and major suppliers like Chimbusco Pan Nation, Vermont, Feoso, Sinopec and Soaring Dragon. These suppliers then deliver the fuel to ships using their own barges at delivered-basis prices.
Hong Kong suppliers sell about 500,000 mt/month of bunker fuel, and the port has the capacity to store 453,000 mt. Of the total storage, ExxonMobil owns 310,000 mt, of which it leased out 250,000-260,000 mt to Chimbusco Pan Nation in February 2012. The rest of the storage capacity is owned by Sinopec (100,000 mt) and Chevron (43,000 mt).