A massive switch of bunker fuel volumes from Qatar to Singapore is inevitable as bunker suppliers expect the situation in the Middle East to become “more volatile”, S&P (Standard and Poor’s) Global Platts reported yesterday (Thursday).
This follows the decision by a number of Middle Eastern countries – including the United Arab Emirates (UAE), Saudi Arabia and Bahrain – to cut diplomatic ties with Qatar and close off ports to vessels flying the Qatar flag or moving to and from its ports.
According to Platts spokesperson Surabhi Sahu, bunker suppliers in Singapore estimate that as much as 25 000-30 000 mega tonnes of marine fuel demand has already been displaced from Faujairah port in the UAE to Singapore since the start of the diplomatic crisis.
