Premiums for B24 marine biofuels soften in Singapore

In Singapore, Reuters reports premiums for B24 benchmark marine biofuel have softened in Singapore as feedstock prices fall together with stronger underlying fossil-based marine fuels due to Red Sea disruptions, while tepid demand has failed to keep the premium higher. The premium was as high as $200 per metric ton in Q3 2023 but has since fallen to around $140 in January. Last year’s marine biofuel demand tripled over 2022, reaching 1% of marine fuel demand at 520,000 metric tons.