Singapore bunker prices were stable on Friday, tracking marginally lower fuel oil cargoes. Bunker fuel of 380-centistoke (cst) grade was pegged at $193-$195 a tonne, unchanged from the previous trading day, widening the premium to cargo levels by 62.5 cents to $2.88 a tonne. "Demand is very thin today as most shipowners continued to be put off by the high prices and are not keen to buy. In any case, many suppliers are unable to quote for deliveries before February 28 and many are already looking at March," a Singapore-based trader said.

"These are guys who sold most of their term supplies in the first half of the month, taking a punt that prices will subsequently fall. Well, it is now the second half of the month and prices are still high."

Copyright Reuters, 2005