Most fuel oil in the Baltic region ultimately comes from Russian refineries. File Image / Pixabay
The US has emerged as the biggest importer of high sulfur fuel oil (HSFO) from the Baltic region, according to price reporting agency S&P Global Platts.
Last month some 46% of all HSFO leaving the Baltic Sea went to the US, Platts reported Thursday, citing data from shipping intelligence service Kpler.
That was up from 43% in June and compares to a year-to-date average of 35%.
HSFO is in high demand from refiners in the US seeking to process it through coking units. This has been one of the major factors keeping the price spread between very low sulfur fuel oil and HSFO -- a key measure for shipowners with scrubbers -- much narrower than expected this year.