Fujairah June Bunker Sales Drop to Seven-Month Low

Fujairah's bunker sales have dropped off in the second quarter of 2024. Image Credit: Ship & Bunker / Data Credit: FOIZ / S&P Global Commodity Insights

Bunker fuel sales at the Middle Eastern hub of Fujairah sank to the lowest level in seven months in June.

Total sales excluding lubricants reached 610,765 m3 in June, according to the latest data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Commodity Insights. The total was up by 0.9% from a year earlier, but down by 0.8%from May's level and the lowest since November.

June's sales were 5.1% lower than the average seen over the previous 12 months.

For Q2 as a whole, Fujairah's total reached 1.87 million mt, up by 2.5% on the year. The first-half total was 3.87 million mt, up by 7.9% on the year.

If Fujairah's sales continued their performance from the first six months of the year, 2024's total would be 7.74 million mt, up by 3.6% on the year and the most since 2022.

Singapore, the world's largest marine fuels hub, saw conventional and biofuel bunker sales rise by 7.9% on the year but fall by 11.6% from May's level in June.

180 CST VLSFO sales in Fujairah rose by 90% on the year to 1,088 m3 in June, 380 CST VLSFO lost 4.7% to 428,138 m3, HSFO jumped by 17.5% to 149,951 m3, MGO sank by 80.2% to 216 m3 and LSMGO advanced by 16.7% to 31,372 m3.

HSFO took a 24.6% share of the total market last month, up from 21.1% a year earlier.

Fujairah's average VLSFO price in May was $600/mt, down by 3.2% on the month but up by 4.3% on the year, according to Ship & Bunker data.

Singapore's average VLSFO price in June was $603.50/mt, down by 2.7% from May's level but up by 2.5% from the level seen a year earlier.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 2.4% on the month and gained 4.3% on the year to $620/mt in June.