S&P Global reports that ship fuel sales at Fujairah — one of the world’s major bunkering hubs — fell to a three-month low in September 2025, highlighting shifts in demand patterns in the maritime fuel sector.
A Snapshot of the Drop
Total fuel sales dropped 1.8% month-on-month to 643,265 cubic meters, the lowest in three months. However, the level remained 3.8% higher year-on-year, suggesting the decline is more of a short-term adjustment than structural collapse.
Sales of 380 CST low sulfur fuel oil (LSFO) declined ~12% from August, while 380 CST high sulfur fuel oil (HSFO) bucked the trend with a ~22% increase. In fact, HSFO volumes achieved a record high since Fujairah’s fuel data became available.
HSFO’s share of total sales rose to 36% in September, up from 29% in August. The share of LSFO (covering 180 CST and 380 CST grades) fell accordingly, dropping to 58% of total bunkers from 65% the month prior.
Meanwhile, low sulfur marine gasoil also saw declines: about 3.3% down month-on-month, though still up ~32.2% year-on-year.
S&P Global
What’s Driving the Shifts?
A few underlying dynamics appear to be influencing these fluctuations:
- Fuel mix swings: The demand tilt toward HSFO in September may reflect price spreads, ship operational profiles, or fuel procurement strategies, especially for vessels not constrained by ultra-low sulfur requirements.
- Volatility in LSFO demand: The sharp drop in low sulfur fuel volumes suggests sensitivity to market conditions or changing demand among compliant vessels.
- Premiums and margins: Fujairah-delivered HSFO recorded a notable premium over similar cargo benchmarks, indicating strong demand or constrained supply.
Implications for Stakeholders in Maritime Fuel
For shipowners and operators, these trends mean that fuel strategy and procurement decisions may require closer tuning to price signals, regulatory constraints, and operational flexibility. Adjusting fuel mix to capture margins or manage costs will become more tactical.
Logistics professionals and bunker suppliers will need to keep a sharper eye on how shifts in demand (especially for compliant vs. non-compliant grades) ripple through supply chains. Inventory positioning, forward contracts, and blending flexibility could gain importance.
Policymakers and regulators may find value in observing how market dynamics respond to sulfur regulation enforcement and how major bunkering centers adapt. Ensuring alignment between regulation, market signals, and fuel availability will be critical to sustaining maritime decarbonization goals.
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Source: S&P Global
