World News
Vitol Signs Maldives Bunkering Partnership Deal
Global commodity trading firm Vitol has signed a partnership deal to develop the Maldives as a global bunkering hub.
The State Trading Organisation of the Maldives signed a deal with Vitol this week to establish an international bunkering hub in Ihavandhippolhu Atoll, the state body said in a statement on its website on Wednesday.
"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 organisation said in the statement.
"Ihavandhippolhu Atoll is a key area of the government's strategic plans to diversify the economy.
"The area has been designated as the Maldives Economic Gateway and is planned to have an international port, strategic oil terminal and other maritime activities."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 551.00 | 3.00 | 672.00 | 5.50 |
| Rotterdam | 515.50 | 2.50 | 652.50 | 3.50 |
| Houston | 540.50 | 4.00 | 670.00 | 5.00 |
| Fujairah | 542.50 | 1.00 | 747.00 | 3.00 |
| Global 20 Ports Average | 573.50 | 1.50 | 756.00 | 2.00 |
| Global 4 Ports Average | 537.50 | 1.00 | 685.50 | 1.00 |
| Global Average Bunker Price | 624.50 | 0.50 | 801.00 | 0.00 |
Popular Now More
-
Dec 24The 9,500 DWT heavy lift vessel Ursa Major sustained an engine room explosion in the Strait of Gibraltar at about 12:30 PM local time on Monday. -
Dec 23Since its launch in late June, the company's first 100 deliveries have primarily focused on LSMGO supply by barge to container ships and tankers in New York Harbor, CEO John Barbarise tells Ship & Bunker. -
Dec 23The company carried out worldwide marine fuel trading from offices in Singapore.