Fuel Oil Shipments to Singapore May Tumble 20%: Energy Markets
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Fuel oil shipments to Singapore from Europe and the Americas may fall as much as 20 percent in August after the profits for such cargoes slumped 26 percent in July.
An estimated 3.2 million metric tons of the refining residue, used to generate electricity and power ships, are likely to arrive in Singapore this month, according to a Bloomberg News survey of seven traders in Singapore and Tokyo. That would be a three-month low, dropping from about 4 million tons in July.