The UAE port of Fujairah is the world's third-largest bunkering hub. File Image / Pixabay
Bunker volumes at the Middle Eastern hub of Fujairah are rallying by as much as 60% in 2021, according to global energy trading firm Vitol.
Vitol saw volumes at Fujairah drop to about 500,000 mt/month last year, Mike Muller, president of Vitol Asia, said at Conference Connection's Fujairah Bunkering & Fuel Oil Forum 2021 on Tuesday.
But the market has rallied strongly this year, and VLSFO sales alone take up 500,000 mt/month at the port now, Muller said. HSFO sales take up another 150,000 mt/month, and the addition of MGO takes the port's total volumes to almost 800,000 mt/month, he added.
Fujairah's bunker demand sank by 16% last year compared with 2019, according to Ship & Bunker's quarterly survey of volumes.