A squeeze in marine fuel supply at major shipping hubs has eased despite the Iran war curtailing exports out of the Strait of Hormuz, with the market working around earlier supply shocks, industry sources told the APPEC industry meet, Reuters reports.
“We don’t see any issues with sourcing bunkers and putting it on board as of today,” said Rishi Nyati, managing director at shipping company Emarat Maritime, in a panel discussion at the conference.
There is no crunch in marine fuel, or bunkers, in major shipping hubs currently, unlike in March and April, said Nyati, although adding that refuelling costs have indeed increased.
As of this week, outright prices of mainstay very-low-sulphur (VLSFO) fuel oil in Singapore, the world’s largest bunkering hub, are up more than 60 per cent versus pre-war levels, based on data from market sources.
