Hong Kong September 12 2021: Scrubber's uptick in the marine sector amid a favorable Hi-5 spread along with demand for high sulfur fuel oil for power consumption in Asia is helping HSFO retain its sheen.
In Singapore, the world's largest bunkering port, January-July HSFO sales jumped 33.7% on the year, while many other ports in Asia such as India and Sri Lanka are seeing a marked rise in HSFO inquiries.
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In the power sector, high global gas and LNG prices have incentivized switching of gas to oil, where applicable.
