Marine fuel sales at the United Arab Emirates' Fujairah, the world's third largest bunkering hub, edged higher in July following a sharp decline in June.
Total bunker sales volumes were up 3 per cent month-on-month at 665,128 cubic metres (about 636,782 tonnes) in July, based on latest data from the Fujairah Oil Industry Zone published by industry information service S&P Global Commodity Insights.
Sales had fallen 13 per cent in June as high bunker premiums and tight supplies capped uptake. The uptick in July comes as demand for low-sulphur fuel held steady to higher, with the market share of low-sulphur bunker volumes widening slightly to 83 per cent, versus 79 per cent in June.
Combined low-sulphur bunker sales rose 7 per cent month-on-month to 552,905 cubic meters in July, while sales of 380-cst high-sulphur fuel oil were at 112,223 cubic meters, down 15 per cent from June.
The trend was in line with a recovery in monthly sales at top bunkering hub Singapore, where marine fuel sales for July rebounded to a seven-month high as crude prices and bunker fuel premiums eased.
However, trade sources said bunker fuel demand at Fujairah took a hit in end-July and early-August, as weather disruptions hampered port operations and loadings. – Reuters