OW Bunker crash triggers ship-fuel boom


Following the collapse of the world’s largest ship fuel supplier, OW Bunker, demand for shipping fuel from India’s major ports has rocketed by around 25%.

The announcement of OW Bunker's bankruptcy has driven up Singapore’s shipping fuel prices to their highest in over two years, according to Reuters India.

Mumbai, India's largest bunkering port, currently holds marine fuel prices at around US$15-per-tonne higher than in Singapore.

Fujairah, in the United Arab Emirates is closer to India in terms of fuel prices and may be taken as a price reference.

Reuters India reported an Indian trader as stating that on a month-on-month basis, demand is increasing by around 20-25%.

However, since the market is still volatile, buyers are keeping a cautious eye on prices and delaying any proposed purchases.

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