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Malta bunker fuel values reach over two-year high

Bunker fuel values at Malta reached their highest level in over two years Friday, at the end of a strong week for the market.

S&P Global Platts assessed 380 CST fuel oil at Malta at $329/mt delivered Friday, its highest price since July 3, 2015.

The assessment’s premium over the CIF Med cargo regional benchmark reached $19.50/mt, its highest point since $21.50/mt August 1, 2017. High sulfur fuel oil availability was long in the Mediterranean Friday, HSFO cargo sources said.

Availability and barge access at Malta were satisfactory with demand average amid a national holiday, a supplier said.

The price of bunker fuel at the island rose through the week, with good demand earlier on in the week.

Rival port Gibraltar saw some congestion Friday — this often increases demand at Malta, sources said.

“There is congestion at Gibraltar, that’s due to barges rather than weather,” a trader said Friday, warning that the season for weather-related delays was approaching.

Nine bunker supply operations were in progress at Gibraltar and three vessels were waiting to enter the port in order to bunker, a spokesman for the port authority said Friday afternoon.
Source: Platts

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