What is an enquiry ?
Enquiry should consist of vessel name, a ETA ( estimated time of arrival ), what grade of bunker fuel you need and quantity. Here we are talking about a spot enquiry, not a term contract. A spot enquiry means you have no previous futures/ options contracts fixed and you just give out an enquiry in the spot market and get the best price from that day.
Once the supplier / traders receive the enquiry, then they will give you a price with validity (if they remember ) and within the time validity, you can either confirm / feedback or give him a counter price that if they can match the price you can confirm the order .
Don’t mistaken enquiry and Indication price there is a huge difference which will be mentioned in later chapter.
Generally there will be specific time zone as we called trading hour while supplier can give firm price for your enquiry. For example Singapore normally is around 1730-1900 , after the platts closed ( consider it as bunker paper market). Can you fix and request the price at 0800am at the morning ? of course yes but normally you will pay a premium for that and 99% you will wait for the trading hour unless your vessel is coming on the same day or in few hours.
Until next time !
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