Demand for shipping fuel at major Indian ports has
climbed in the past week by up to 25 per cent as the cost of refuelling at
Singapore, Asia's bunkering hub, soared following the collapse of the world's
leading supplier, traders said.
The announcement of OW Bunker's – the Danish
shipping fuel supplier filing for bankruptcy drove up shipping fuel prices in
Singapore - one of the cheapest ports in Asia in which to refuel - to their
highest in more than two years as oil supplies tightened due to credit worries.
Marine fuel prices in Mumbai, India's largest
bunkering port, were still around $15 a tonne higher than in Singapore on a
delivered basis, but a Singapore-based trader said ship owners could be
interested in bunkering in India when the price difference between Fujairah,
United Arab Emirates, and Singapore narrows.
Fujairah, which is one of the busiest ports in the
world, is closer to India and may be taken as a price reference.
The price difference between Fujairah and Singapore
has flipped into a discount of more than $10 since late last week.
“I'm seeing about 20-25 percent more demand month
on month," said a trader who sells fuel in India. "But (buyers) are
also just watching the prices, as the market is still volatile, so they are
trying to delay their purchases."
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