World News
Saudi Oil Exports Via Yanbu Increase Bunker Demand in Red Sea
The bunker market in the Red Sea is seeing improved demand this month on the back of the conflict in and around the Strait of Hormuz.
Saudi Arabia has responded to the closure of the Strait of Hormuz by moving more oil exports to its Red Sea port of Yanbu.
This is increasing marine fuel demand in the area, Djibouti-based supplier Red Sea Bunkering told Ship & Bunker.
"Enquiries have increased slightly, mainly from tankers repositioning in the Red Sea and vessels adjusting routes," a company representative said.
"The additional loadings from Yanbu are creating more tanker traffic moving southbound, which naturally generates some bunker demand in our area.
"However, the increase is moderate rather than dramatic, as many ships are still cautious due to the security situation and insurance costs.
"Overall, the situation is evolving quickly, but for now Djibouti remains operational with stable bunker availability, and we are able to support vessels calling in the area."
The firm currently has sufficient MGO supply to meet demand despite this product running short at many ports, the representative said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 1070.00 | 65.50 | 1873.00 | 96.00 |
| Rotterdam | 815.50 | 31.50 | 1287.50 | 94.50 |
| Houston | 856.50 | 50.00 | 1326.50 | 86.00 |
| Fujairah | 1104.00 | 72.00 | 1797.50 | 155.00 |
| Global 20 Ports Average | 1048.50 | 34.50 | 1601.50 | 91.50 |
| Global 4 Ports Average | 961.50 | 54.50 | 1571.00 | 107.50 |
| Global Average Bunker Price | 1049.00 | 37.00 | 1525.00 | 60.50 |
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