Fujairah: Cargoes to Singapore. File Image / Pixabay.
Troubled Middle East bunker supplier GP Global's exit from the regional bunker market is being felt in UAE's Fujairah bunkering hub.
GP Global's restructuring plans include the sale of its Fujairah terminal.
Citing market sources, price reporting agency S&P Global Platts has said that a sizeable volume bunker fuel is stuck in the terminal's tanks as talks progress.
"I'm not sure how much of it is locked up, but even 40,000-50,000 mt is a lot these days as it accounts for over 10% of [Fujairah] market," a bunker supplier was quoted as saying.
The report added that the Fujairah bunker market is generally tight on the back of low sulfur fuel oil cargoes moving to Singapore from competitive pricing.
GP Global has had a number of its traders find positions elsewhere in the bunker sector.