Colombo Port bunker fuel supplies steady
The Colombo Port is said to be closely monitoring its bunker fuel supplies as the price in the world market continues to rise and supplies remain tight amidst global tensions as a result of supply route blockages.
Sri Lanka Ports Authority (SLPA) Chairman Dr. Parakrama Dissanayake said the bunker fuel supplies at the tank farm at the Jaya Container Terminal (JCT) are being closely monitored daily in a bid to ensure sufficient stocks are available.
He noted that purchasing of low volumes of fuel supplies is carried out depending on the demand adding that the Colombo Port is doing well.
However, industry sources point out that obtaining the required supplies are restricted owing to Singapore and India observing restraint in selling bunker fuel supplies as the Gulf region has closed up and private bunker licence holders finding it hard to import stocks.
Singapore being the largest supplier of bunker fuel is currently being careful and are said to be monitoring the developments before selling stocks. Fluctuations in VLSFO bunker fuel prices reaching US$ 1150 per metric tonne (MT) from previous prices of $ 650 per MT have also been a key concern in the purchase of fuel.
It was pointed out that with some stocks coming in towards next week from a consortium of licenced bunker fuel suppliers is expected in the first week of April from Sinopec that has fuel storage facilities at the Hambantota port. The inability to source products and the high price volatility are main concerns at the moment and while only a few operators are said to be capable of providing fuel other reports indicate that this month there has been a tightening of bunker fuel supplies.
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