Auckland, New Zealand. File image / Pixabay
The absence of cruise ship calls to Australian ports has hit bunker demand prompting BP Marine to look to neighbouring New Zealand to build up market share.
In late May, the Ports of Auckland subsidiary, Seafuels, and BP had reached an agreement on the use of the bunker barge Awanuia.
The lack of regional demand could be a factor in the move although Anthony Tolani, general manager of BP Marine ANZ, told S&P Global Platts that BP Marine sees the ANZ market as a whole.
However, Tolani noted that the impact on bunker demand in the region had been "huge".
According to S&P Global Platts, sales of low sulfur fuel oil across the region have dropped between 30% and 50% since March last year when the pandemic took hold.