CPC halts extensions for bunker delivery orders amid market volatility

State-owned bunker supplier CPC Corporation (CPC) has introduced temporary restrictions on bunker delivery order extensions at Taiwanese ports amid heightened market volatility linked to escalating tensions in the Middle East.

IMAGE: Illuminated Kaohsiung city and harbor at night, Taiwan. Getty Images

With immediate effect, CPC will no longer accept requests from buyers to extend the validity of bunker delivery orders. Vessels must commence bunkering within eleven days from the date CPC accepts the order, with the day of acceptance included in the count. The start of bunkering will be determined by the time pumping begins.

If bunkering does not begin within this period due to reasons attributable to the buyer, the order will be considered cancelled. CPC will then impose a cancellation fee of $200 per metric tonne, calculated on the quantity cancelled or reduced from the original order.

CPC stated that these measures are temporary and were introduced in response to current market volatility. Once conditions stabilise, the company will issue a notice reinstating the previous rules allowing extensions of delivery order validity and waiving cancellation charges.

By Tuhin Roy

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