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 | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
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