GP Global sells its Fujairah terminal leaving the bunker market tight, reports Ship & Bunker.
GP Global’s restructuring
Troubled Middle East bunker supplier GP Global’s exit from the regional bunker market has left UAE’s Fujairah bunkering hub tight.
GP Global as a part of its restructuring plans, sold its Fujairah terminal.
Stuck bunker fuel
According to S&P Global Platts, a sizeable volume of bunker fuel is stuck in the terminal’s tanks as talks progress.
According to a bunker supplier, “I’m not sure how much of it is locked up, but even 40,000-50,000 mt is a lot these days as it accounts for over 10% of [Fujairah] market.”
The report added that the Fujairah bunker market is generally tight on the back of low sulfur fuel oil cargoes moving to Singapore from competitive pricing.
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Source: Ship & Bunker
