Hyundai Oilbank plans to increase South Korea bunker sales
South Korean refiner Hyundai Oilbank (Hyundai) has bought 30,000 metric tonnes (mt) of 380 cSt bunker-grade high sulfur fuel oil (HSFO) in an effort to increase its domestic bunker sales, Platts reports.
The fuel oil, scheduled for delivery from Singapore in the first half of January, was the first such purchase since May, and was said to reflect the company's desire to bring its bunker sales up after a decline in 2012.
Hyundai sold about 150,000 mt per month before May 2011, when it began operations of 52,000 barrels per day residue fluid catalytic cracker, and by the second half of 2012 its bunker sales were down to just 120,000 mt per month.
"Hyundai wants to increase bunker sales in 2013," a bunker trader told Platts. The company also bought 30,000 mt of the same type of fuel from Singapore for delivery in the first half of February.
Ship & Bunker data showed the average price of IFO380 bunkers in South Korea's key port of Busan fell for a forth consecutive day yesterday, down $4.00 to $653.00 per metric tonne.
