World News
Vitol Prepares to Launch Maldives Bunkering Operation
Global commodity trading firm Vitol is advancing its plans to launch a physical bunker supply operation in the Maldives.
Discussions are ongoing among local authorities and stakeholders ahead of the launch, Mohamed Saeed, minister of economic development and trade for the Maldives, said in a social media post on Monday.
"Preparation work is under way among all agencies and related parties," the minister said.
The Maldives government announced in March that Vitol had signed a partnership deal with the country's State Trading Organisation to establish an international bunkering hub in Ihavandhippolhu Atoll.
"Under the partnership, Vitol will market Maldives as a bunkering hub in the Indian Ocean and will help develop our technical capability in the industry," the State Trading Organisation said in March.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 627.50 | 3.00 | 643.50 | 2.00 |
| Rotterdam | 530.50 | 3.00 | 636.50 | 3.50 |
| Houston | 526.00 | 0.00 | 665.00 | 0.50 |
| Fujairah | 608.50 | 8.00 | 778.50 | 2.00 |
| Global 20 Ports Average | 612.50 | 3.50 | 746.50 | 1.00 |
| Global 4 Ports Average | 573.00 | 5.00 | 681.00 | 3.00 |
| Global Average Bunker Price | 657.00 | 4.00 | 827.50 | 2.50 |
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