Export volumes of Russian bunker fuel remain stable
26 october
# Expert Advice Section
The volume of bunker fuel exports from Russia remains relatively stable, writes Hellenic Shipping News. So, in November, Russia exported 2.17 million tons of fuel oil with an average of 2.08 million tons for three months.
Only the direction changes. The Netherlands, which received 38 thousand tons in February, due to traders' concern about the impact of EU sanctions imposed on Russia, has not received a ton since August, while the UAE received 40 thousand tons in November against 9 thousand tons in February 2022, the agency cites Kpler data.
It is noted that after European markets began to avoid purchases of Russian fuel, the supply of HSFO (high-sulfur fuel oil) in Fujairah (UAE) increased.
This led to an increase in stocks in the Middle East bunkering hub and, as a result, to a decrease in prices in November to a level significantly lower than in Singapore. Before that, prices in these two ports were closer in level than they are now.
Since November 7, 2022, HSFO in Fujairah has been trading cheaper compared to Singapore by $32-60 per ton, Hellenic cites data from Platts, a member of S&P Global. Until November last year, the difference was $10 per ton, and in 2021 – about $5 per ton.
