World News
Ban on Qatari Ships Shifts Bunker Demand to Singapore from Fujairah
Bunker suppliers in Singapore say they have seen an increase in inquiries this week resulting from a ban on Qatari ships at other ports, Platts reports.
As Ship & Bunker reported earlier this week, Qatari-flagged vessels have been banned at the ports of the United Arab Emirates (UAE), Egypt, and Saudi Arabia after the Arab nations took a number of actions to cut ties with the country.
Currently, some estimate that as much as 25,000 to 30,000 mt of bunker demand has already been redirected from Fujairah to Singapore.
"The position [in the Middle East] seems to be more serious than we initially anticipated and we have seen huge volumes move to Singapore for sure," one Fujairah-based bunker supplier told Platts.
One Singapore-based bunker supplier says that they expect the situation to grow "more volatile" over the coming days, which would mean "a massive switch of volumes [to Singapore] is bound to happen."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 6.00 | 661.50 | 4.00 |
| Rotterdam | 510.00 | 2.00 | 661.00 | 2.00 |
| Houston | 548.00 | 2.50 | 666.50 | 0.50 |
| Fujairah | 555.50 | 5.00 | 746.00 | 2.50 |
| Global 20 Ports Average | 582.50 | 1.50 | 753.00 | 1.50 |
| Global 4 Ports Average | 544.50 | 3.00 | 683.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 2.50 | 803.50 | 2.00 |
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