War risk costs drag on UAE marine fuel sales, benefit Singapore - trade - Energy & Oil

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  • Devant la montée du risque dans le Golfe Persique, les pétroliers se détournent des Émirats pour s’approvisionner au profit de Singapour où les stocks se tendent…

    War risk costs drag on UAE marine fuel sales, benefit Singapore - trade - Energy & Oil - Reuters
    https://af.reuters.com/article/energyOilNews/idAFL4N24H2DJ

    • Ship insurance costs soar after recent tanker attack in Gulf
    • UAE bunker sales suffer as shippers minimise time in region
    • Singapore bunker demand firmed in recent weeks - traders
    • Suppliers in Singapore already grappling with tight supplies

    Shippers trying to minimise time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates’ (UAE) Fujairah oil hub, trade sources said.

    Instead, they are turning primarily to Singapore, the world’s top refuelling hub, to buy marine fuels, also known as bunkers, with some diverting to smaller bunkering ports, including in India and Sri Lanka, the sources said.

    A tonne of 380-centistoke (cst) high-sulphur fuel oil (HSFO) in Fujairah has slipped from an average $5-$10 premium over Singapore in May to a discount of $30-$70 over the past two weeks, three sources said.