EMEA News
Fujairah: Weaker Demand Reflects Pattern of Ship Calls
The pandemic's impact on oil demand took a chunk out of Fujairah's bunker demand last year, a bunker executive has said.
Cockett Marine Oil chief executive Cem Saral said that with fewer box ships and bulkers calling at the port, Fujairah was exposed to the vagaries of the oil market.
"Given the impact of COVID on oil products demand along with the impact of OPEC and crude oil export cuts, the region experienced significant headwinds on underlying tanker activity, hence explaining the bunker demand decline observed year on year," Saral was quoted as saying by commodity price-reporting agency SP Global Platts.
Bunker demand in the regional oil products' hub fell by nearly a fifth in 2020 compared to volumes sold in the previous year.
Fujairah, along with Singapore and Rotterdam, is a top three global shipping and bunkering hub.
