EMEA News
Fujairah 2023 Bunker Demand Drops to Three-Year Low
A dip at the end of 2023 saw Fujairah's marine fuel demand for the year as a whole drop to the lowest level in at least three years.
Total sales excluding lubricants reached 658,638 m3 in December, according to the latest data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Commodity Insights. The total was down by 5.2% from a year earlier, but up by 7.9% from November's level.
That left Fujairah's total for 2023 at 7.48 million mt, down by 7.1% on the year and the least since at least 2020.
Singapore, the world's largest marine fuels hub, saw conventional and biofuel bunker sales jump by 20% on the year and by 18% on the month in December, while the city-state's 2023 total gained 8% on the year to a record 51.824 million mt.
180 CST VLSFO sales in Fujairah jumped by 61.2% on the year to 2,409 m3 in December, 380 CST VLSFO lost 8.5% to 457,756 m3, HSFO jumped by 4.9% to 167,321 m3, MGO declined by 23.8% to 685 m3 and LSMGO fell by 5.8% to 30,467 m3.
HSFO took a 25.4% share of the total market last month, up from 23% a year earlier.
Fujairah's average VLSFO price in December was $613/mt, down by 8.4% on the month and by 2.4% on the year, according to Ship & Bunker data.
Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 5.3% on the month and 2.2% on the year to $632.50/mt in December.
