World News
IBIA CONVENTION: Cockett Sees Bunker Hub Locations Changing as Alternative Fuels Emerge
The emergence of alternative fuels could see the world's largest bunkering hubs overtaken by other locations with better access to the new products, according to marine fuels trading firm Cockett Group.
Cem Saral, CEO of Cockett Group, addressed potential changes in the future global marine fuels map at the IBIA Annual Convention 2023 in Dubai on Wednesday.
"One thing is clear: the future marine fuel mix is a fragmented one," Saral said.
"We are looking at this fragmented optionality of alternative fuels and their supply chains, and obviously we might see different and more fragmented fuel offerings in different parts of the world that we are not readily accustomed to.
"Right now we have the three hubs of Singapore, Rotterdam and Fujairah.
"When we look 10-15 years ahead, at the alternative fuel landscape that we see today, such as ammonia, methanol and LNG, a significant portion does not overlay on the map we have today.
"We are looking at the global south as one of the key drivers of alternative fuels in terms of production."
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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