EMEA News
IE WEEK: Turkish Bunker Association Sees MGO and ULSFO Growing Market Share
The Mediterranean ECA is set to continue delivering growing market share for MGO and ULSFO in the Turkish market, according to the Turkish Bunker Association.
The association hosted its annual IE Week event at Il Gattopardo in London on Sunday night, hosting stakeholders from across the bunker industry at the start of the week-long series of oil events. Ship & Bunker caught up with TBA Chairman and Energy Petrol CEO Mustafa Muhtaroglu at the event for his views on the Turkish market.
"Turkey has always been a very reliable bunker market," Muhtaroglu said.
"Volumes in the Turkish market have been quite stable at around 2.25 million mt per year, which is a success when considering what happened in the market, mainly the Ukrainian and Russian war; there were 13,000 ships loading and coming from Ukraine per year suddenly all gone now."
The launch of the Mediterranean ECA in May 2025 has radically reshaped bunker demand in Turkey, he added.
"The traditional market was 70% fuel oil and 30% gasoil," Muhtaroglu said.
"After the Med ECA started in May 2025 we now see gasoil's share increasing; we can say 55% gasoil, 10% VLSFO, 25% ULSFO and 10% HSFO."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 489.50 | 0.50 | 674.00 | 2.50 |
| Rotterdam | 450.50 | 7.00 | 694.50 | 1.50 |
| Houston | 457.50 | 0.00 | 657.00 | 2.50 |
| Fujairah | 471.00 | 8.50 | 748.50 | 7.00 |
| EMEA Average | 497.00 | 1.00 | 783.00 | 8.50 |
| Global 20 Ports Average | 508.50 | 1.00 | 769.50 | 2.00 |
| Global 4 Ports Average | 467.00 | 4.00 | 693.50 | 1.00 |
| Global Average Bunker Price | 539.50 | 1.00 | 799.50 | 3.50 |
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