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Higher marine fuel oil prices are squeezing shipping companies' earnings.
Commodities eye

Shipping lines pinched as fuel oil prices surge in Singapore

Russian shift toward wider-margin petroleum products tightens supply

AKANE TAMURA, Nikkei staff writer | Singapore

TOKYO -- Higher crude prices and a decline in fuel oil exports from Russia are pushing up the value of fuel oil C, a type of heavy oil, on the Singaporean market.

The benchmark price of fuel oil C in the city-state was hovering around $340 per ton in early January, up 30% from recent lows in November and the highest level in 19 months. The increase has triggered a rise in the prices of fuel oil C-type products such as marine and thermal power oil.

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