World News
Aramco CEO Sees Prolonged Houthi Attacks Causing Potential Tanker Shortage
A prolonged situation in which Yemen's Houthi movement continues its attacks on commercial shipping in the Red Sea could lead to a global tanker shortage, according to the CEO of Saudi oil firm Aramco.
In the shorter term the market is capable of coping with the situation, Aramco CEO Amin Nasser said in an interview with news agency Reuters on Wednesday.
"If it's in the short term, tankers might be available ... but if it's longer-term, it might be a problem," Reuters cited Nasser as saying.
"There will be a need for more tankers and are they going to have to take a longer journey."
BP and Shell, as well as a range of leading shipping companies, have instructed their fleets to avoid the Red Sea and Suez Canal in response to attacks over the past two months, sending them on longer voyages around Africa instead.
This is leading to a significant boost in global bunker demand, in particular at ports around Africa.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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