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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

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Red Sea Diversions Supporting Bunker Sales at Major Hubs

OIL PRODUCTS

Fujairah bunker sales hit a five-month high in January – highlighting stronger bunker sales because of Red Sea diversions.

  • Fujairah's high-sulphur bunker sales in January rose 23.8% from December to 207,124 cubic metres according to official figures.
  • Low-sulphur bunker sales of residual fuels and marine gasoils totalled 467,508 cubic metres at Fujairah, down 4.8% from December.
  • Meanwhile, overall sales of marine fuel in Singapore were 4.9 million tons in January, up about 12% y/y, according to the Maritime & Port Authority. In December, they hit 5.1 million tons, the highest monthly volume in data going back to 1995 as the impact of higher global demand came in earlier.
  • Global bunker fuel consumption has increased due to longer sailing distances and, in some circumstances, faster sailing speeds because of Red Sea diversions forcing many vessels around the Cape of Good Hope.
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