The restrictions issued on the movement of ships to and from Qatar could possibly result in an increase in bunker prices in other countries according to a statement by S&P (Standard and Poor’s) Global Platts yesterday (Tuesday).
Direct sailing to and from Qatar and Fujairah – the preferred bunkering port in the Middle East found on the eastern seaboard of the United Arab Emirates (UAE) – has been prohibited following the UAE’s decision to cut diplomatic ties with Qatar. This applies to ships that are not carrying the Qatari flag.
Platts noted that ships would have to load bunker fuel elsewhere to avoid being turned away from ports in the Middle East.
A clean oil tankers broker told Platts that if ships were not allowed to dock at Fujairah port, they would have to load bunker fuel in Singapore which would subsequently push up the prices there.
The United Arab Emirates, Saudi Arabia, Egypt, Bahrain, Yemen, Libya and the Maldives cut relations with Qatar this week accusing the country of supporting terrorism in the Middle East.
