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ENGINE: Europe & Africa Bunker Fuel Availability Outlook (3 July 2024)

Muted LSMGO demand in the ARA; prompt supply is normal in Las Palmas; LSMGO supply limited in Durban.
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RESIZED ENGINE Europe and Africa

The following article regarding Europe and Africa bunker fuel availability has been provided by online marine fuel procurement platform ENGINE for post on Singapore bunkering publication Manifold Times:

  • Muted LSMGO demand in the ARA
  • Prompt supply is normal in Las Palmas
  • LSMGO supply limited in Durban

Northwest Europe

LSMGO demand has been muted in Rotterdam and in the wider ARA hub, according to a trader. Availability of all bunker fuel grades is said to be normal in the ARA hub, with lead times of 3-5 days generally recommended for optimal coverage from suppliers.

The ARA’s independently held fuel oil stocks averaged 2% lower in June than across May, according to Insights Global data.

The region imported 239,000 b/d of fuel oil in June, down from 252,000 b/d of fuel oil imported in May, according to data from cargo tracker Vortexa. The ARA imported low-sulphur fuel oil (LSFO) and HSFO in a 54/46 ratio in May. This trend continued in June, with the ratio tilting more towards LSFO at 66/34.

The UK emerged as the ARA’s top fuel import source in June, accounting for 16% of the region’s total imports. France and the Bahamas shared second place, each accounting for 14% of the total imports, followed by Lithuania and Germany (9% each).

The ARA hub exported 181,000 b/d of fuel oil in June, up from 119,000 b/d exported in May. The majority of fuel oil cargoes departed for Singapore (20%), Saudi Arabia (14%), Spain (11%), the Ivory Coast (9%) and the UK (8%).

The ARA hub’s independent gasoil inventories — which include diesel and heating oil —declined by 2% in June so far.

Prompt availability is good in Germany’s Hamburg port. A trader says lead times have remained consistent over the last few weeks. Lead times of 3-5 days are advised for all grades in the German port.

Bunker fuel availability is good for non-prompt delivery dates off Skaw. Lead times for all three grades range anywhere between a week and ten days. Bad weather is forecast intermittently between Thursday and Saturday, which could impact bunkering there.

Mediterranean

Bunker fuel availability is normal in Gibraltar, with recommended lead times of 3-5 days for all grades, unchanged from the previous week. Minimal congestion was reported on Wednesday, with only three vessels waiting for bunkers. But adverse weather is forecast for Saturday, which may impact bunkering in Gibraltar.

Bunker demand has declined in the Canary Islands’ port of Las Palmas, a trader said. As a result, lead times have reduced slightly from 4-6 days last week to 3-5 days now. Availability is good across all grades without much bunker backlog, the trader added.

Steady demand has been reported in other Mediterranean ports like Piraeus, Malta Offshore and Istanbul, a trader told ENGINE.

All grades remain good for prompt dates in Greece’s Piraeus, a trader said. Lead times of 3-4 days are recommended for all grades, almost unchanged over the past few weeks. Rough weather may hamper bunkering on Friday and Saturday, a source said.

Off Malta, bunker availability is good, with suppliers offering prompt delivery dates. A trader has advised lead times of 3-4 days for all grades for optimal coverage. Rough weather conditions are forecast on Wednesday and Thursday, which may impact bunker operations in the area, according to a source.

In Turkey’s Istanbul port, bunker fuel availability is currently good, a trader said. Lead times of 3-4 days are recommended across all grades. Weather-induced bunkering disruptions are likely in the area between Wednesday and Thursday, a source said.

Africa

Securing prompt supply is difficult in the South African ports of Durban and Richards Bay. Lead times of 7-10 days are recommended by traders.

In Durban, prompt LSMGO has remained tight since last week due to low availability among suppliers. A trader advised lead times of up to two weeks for the grade in the port. Wind gusts of up to 25 knots are forecast for Thursday and may trigger bunker suspension in Durban.

Algoa Bay’s offshore bunkering suspension has entered its tenth month in July. The suspension began in September after the South African Revenue Service (SARS) detained bunker barges due to import duty disputes. Supply is currently limited to in-port deliveries via trucks by one supplier in nearby Port Elizabeth.

By Manjula Nair

 

Photo credit and source: ENGINE
Published: 4 July 2024

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