15 Apr 2024 | 13:17 UTC

FUJAIRAH DATA: March bunker sales jump to highest since Aug 2022

Highlights

Gains in all but 180 CST low sulfur grade

Fujairah is third-biggest bunkering hub

LSFO bunker premiums also gain during March

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Ship fuel sales at the UAE's Port of Fujairah, the world's third-largest bunkering hub, climbed 11% on the month to the highest since August 2022, according to port data published April 15.

The total was 706,089 cu m, up from 637,856 cu m in February, according to the data from the port's Fujairah Oil Industry Zone. Sales of 380 CST low sulfur fuel oil, the biggest ship fuel by volume, rose 14% on the month to 463,245 cu m. The only category to show a decline was low sulfur fuel oil 180 CST, down 7.6% on the month to 924 cu m.

Singapore is the world's largest ship fuel hub followed by Rotterdam.

Traders said more tankers had been calling at Fujairah for refueling on voyages to Europe and the US via Africa instead of the Red Sea due to recent ship attacks from Iran-backed Houthi forces in Yemen. Kuwaiti shipments from the country's new Al Zour refinery have also kept the hub well-stocked, putting a lid on premiums and thus spurring demand, they said. The port's ship fuel supplies were replenished in March, they said.

The Platts Fujairah-delivered marine fuel 0.5% sulfur bunker premiums against FOB Singapore marine fuel 0.5% sulfur cargo values averaged $16.55/mt across March, up from $13.12/mt in February, S&P Global Commodity Insights data showed. They have averaged $14.27/mt so far this month through April 15.

Total LSFO
Mar-24 Feb-24 MOM Mar-23 YOY MOM YOY
Low sulfur fuel oil 180 CST 924.00 1,000 -7.6% 250 269.6% 13.54% 2.77%
Low sulfur fuel oil 380 CST 463,245.00 407,799 13.6% 451,405 2.6%
Marine fuel oil 380CST 198,273.00 192,753 2.9% 81,058 144.6%
Marine gasoil 321.00 210 52.9% 538 -40.3%
Low sulfur marine gasoil 38,155.00 31,674 20.5% 26,549 43.7%
Lubricants 5,171.00 4,420 17.0% 3,475 48.8%
Total 706,089 637,856 10.7% 563,275 25.4%
Unit: cubic meters
LSFO proportions 65.7% 64.1% 80.2%
HSFO proportions 28.1% 30.2% 14.4%
LSMGO proportions 5.4% 5.0% 4.7%
Total sales (bbl) 4,441,168.29 4,011,995.43 3,542,894.83
Total sales (mt) 699,396.58 631,810.30 557,936.19

Source: Fujairah Oil Industry Zone