Marine gas sales at the United Arab Emirates’ Fujairah, third biggest bunkering center on the planet, was up to a four-month reduced in June as high shelter costs and also limited materials covered uptake.
Total shelter sales quantities were down 13% month-on-month at 647,184 cubic meters (regarding 619,602 tonnes) in June, based upon newest information from the Fujairah Oil Industry Zone released by sector info solution S&P Global Commodity Insights.
“Fujairah barges have been trading above Singapore since mid-June. Both bunkering hubs have been experiencing a shortage of low-sulfur blend components which is creating tightness in the physical market,” stated Timothy France, MENA elderly oil expert at Refinitiv Oil Research.
“Higher bunker premiums appear to be weighing on demand. Refinitiv ship tracking data indicates a slowdown in bunker sales through late June and July,” he included.
Combined low-sulphur shelter sales in June sank 13% to 514,494 cubic meters from May, while its market share of general shelter quantities was stable from May at 79%.
Meanwhile, sales of 380-cst high-sulphur gas oil (HSFO) dropped 14% from May to 132,690 cubic meters in June, comprising 21% out of general shelter quantities.
The fad remained in line with reduced month-to-month sales at leading bunkering center Singapore, when aquatic gas sales for June was up to a two-month reduced as high costs for low-sulphur shelter gas drawn away need to various other bunkering ports.
(Reuters – Reporting by Jeslyn Lerh; Editing by Rashmi Aich)
