*Singapore Bunker Demand Heads Back Towards 50 Million MT/Year
Bunker demand in Singapore may jump to 50 million metric tons for the first time in three years after a 4.6% jump in sales in November from a year earlier and 2.8% increase from October’s figures. Prices for the VLSFO roofed as companies were looking to acquire as much as the product as possible ahead of the implementation of the IMO2020, but the pandemic relieved some of these prices, but demand remains strong as e-commerce remain strong. (Ship & Bunker)
*Shipping Firm Hafnia Says Oil Tanker Hit By ‘External Source’ In Saudi Arabia
Hafnia’s BW RHINE tanker has been hit by an external source that caused an explosion and fire as the ship was discharging in the port of Jeddah, with the UK Trade Maritime Operations launching investigations into the incident that occurred early hours of the morning local time. (Reuters)
*OPEC+ Countries To Hold Jan. 4 Talks: Algeria
OPEC+ nations are expected to meet again on 4th Jan as they will study the oil market and the efficacy of the 500k barrel production rises that was agreed in the latter parts of November. The group has been battling the supply and demand fundamentals, with the demand side looking to become weaker as lockdowns across the US and Europe persist and gasoline demand waivers as travel is becoming even more difficult. (Reuters)