Marine fuel sales in the world’s third largest bunkering hub Fujairah, the UAE, rose by 8.7pc on the year in 2021, according to Argus data.
Argus assesses bunker prices in Fujairah daily through deals received from suppliers, traders and buyers, and the volumes indicate a snapshot of general trends of the market, capturing up to 30pc of the market. Argus received 2,969 deals last year, including all main marine fuels traded in Fujairah, for an overall volume of 2.3mnt up from 2.12mn t in 2020.
Sales of 0.5pc marine fuel oil in the submitted deals increased by 4pc to 1.86mn t. A number of production and logistics issues in March and in December capped the growth. But sales of high-sulphur fuel oil (HSFO) were up by 25pc to 394,000t from 314,000t, as more buying interest emerged from new and retrofitted scrubber-equipped vessels. Scrubbers allow a vessel to burn fuel with a sulphur content of up to 3.5pc while remaining compliant with the International Maritime Organisation 2020 0.5pc sulphur cap.
Low-sulphur marine gasoil (LSMGO) volumes grew significantly to 46,000t from 26,000t, which traders linked to the sales of HSFO. Many buyers typically purchase smaller amounts of the product to use in emission control areas (ECA).
By Elshan Aliyev
Photo credit and source: Argus Media
Published: 14 January, 2022
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