Marine fuels
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Singapore HSFO bunkers corrects to near pre-war levels
Singapore HSFO bunkers corrects to near pre-war levels
Singapore, 18 June (Argus) — High-sulphur fuel oil (HSFO) bunker prices in Singapore have fallen to near pre-war levels against a backdrop of easing US–Iran tensions and expectations of increased cargo inflows to Asia. Spot trading has picked up, and more shipowners have made enquiries this week. But shifting shipping routes and energy price uncertainty could cap demand in the near term. Shipowners are likely to still prefer Singapore as a bunkering destination, with Singapore's HSFO prices falling to a discount of about $30/t against Zhoushan levels on 17 June. Competitive bunker prices at other regional ports like Zhoushan and Shanghai in May had drawn some bunker demand away from Singapore. Singapore's HSFO prices were near parity to Zhoushan in May, at about a $2-3/t discount on average. But Singapore's HSFO prices fell by $22.67/t on the day to $461.83/t dob on 17 June and slid by 29pc from $650/t dob on 2 June. This sends delivered HSFO prices to around $32/t above pre-war levels, when prices had averaged to around $430/t dob in February. Demand for HSFO has been firm since the start of June "since premiums collapsed" given market expectations that the US-Iran peace deal may go through, a Singapore-based trader said, adding that buyers also had "decent" requirements of about 1,000-2,000t for spot stem volumes. Looking forward, any further increases in HSFO demand, especially from scrubber-fitted vessels, is likely to be capped, depending on vessel movement and geopolitical developments. Shipowners have remained cautious about the potential US-Iran deal , with freight participants preferring to wait for safety assurances for transiting through the strait of Hormuz. A physical supplier in Singapore said that HSFO demand has been "quite steady" for them in June, with no significant increase in demand despite the downtrend in prices. There is "not a huge uptick in [Singapore] just yet at our end, but let's see [the] coming days", a trader said. In recent months, more ships have travelled to the west of Suez instead of the east given geopolitical unrest, another trader noted. In contrast, prices for very-low sulphur fuel oil (VLSFO) in Singapore have remained supported because of an acute shortage of blendstock components and lack of supplies from Kuwait's 615,000 b/d al-Zour refinery. Singapore's VLSFO bunker prices rose by $3.30/t on the day to $620.91/t dob on 17 June, which is almost $137/t above pre-war levels in February. Overall spot trading in Singapore's bunker market has been sluggish because of elevated prices, and tepid demand also resulted in some firms scaling down their Singapore fuel oil storage capacities because of underutilisation and weak storage economics. HSFO supplies still ample in Asia Asian HSFO supplies are expected to remain ample despite the peak summer season in June. Singapore is set to have cargo arrivals from Russia and Venezuela, which could lead to an overall surplus in HSFO availability and weigh on market prices. With the ongoing progress in peace negotiations between the US and Iran, HSFO bunker prices in Singapore are likely to ease further in the near-term on bearish market sentiment, and if more Iranian oil returns to the mainstream fleet once sanctions are lifted. The US and Iran have signed a memorandum of understanding (MoU) to end the war on 18 June, signalling the start of efforts to reopen the strait of Hormuz. Delivered HSFO supplies in Singapore had tightened shortly after the US-Iran war started in late February, given that more buyers had rushed to secure supplies on concerns of supply disruptions, since Middle East volumes made up about 40pc of Singapore's monthly imports. But HSFO bunker availability has recovered since April, as suppliers drew from earlier inventories and floating storages around the straits. By Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Bunker prices slow to correct with US-Iran deal
Bunker prices slow to correct with US-Iran deal
Sao Paulo, 15 June (Argus) — Bunker fuel prices are likely to take a few months to return to pre-war levels despite the agreement between the US and Iran , market participants told Argus . The US-Iran war that started three months ago pushed marine fuel prices to their highest in four years, buoyed by crude oil supply disruptions and altered trade flows . Despite the peace agreement, traders and shipowners still expect prices to remain elevated for a few months as suppliers and refineries have already bought crude and fuel at premiums and are unlikely to sell at a discount, which will support higher bunker prices. The dob Singapore very-low sulphur fuel oil (VLSFO) bunker price fell to $638.54/t today from $688.09/t on 12 June, and remains well above the average price of $458.83/t in the first two months of the year. The dob Amsterdam-Rotterdam-Antwerp (ARA) VLSFO price dropped to $590.75/t today from $617/t on 12 June, compared with an average of $428.66/t in January-February. Market participants do not expect bunker fuel shortages seen in several regions to resolve quickly. "It may well take some time to see the pre-war [price] levels, especially on clean products," one Mediterranean-based bunker trader said. Demand is stronger during the summer for gasoline and jet, so the replenishment rate for reserves on clean products is going to be slower, he added. Traders also remain concerned about the stability of the peace deal, given previous failed ceasefires. Shipowners still need to regain confidence to call at Middle East ports where an acute shortage of VLSFO in particular has driven up premiums at Fujairah in the UAE . US president Donald Trump ordered an end to the US naval blockade against Iran and said the strait of Hormuz would be reopening quickly. But the agreement on 14 June is still to be followed by a 60-day period of further negotiations between the two countries. And while hostilities between the the US and Iran appear to have halted, there was still a flare up in hostilities between Hezbollah and Israel on 14 June. "Credible assurances from both sides of the conflict must be given before traffic can resume fully to pre-conflict levels," said Jakob Larsen, chief safety and security officer at Danish shipping association Bimco. By Natália Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Bunker lead times grow since US–Iran war began
Bunker lead times grow since US–Iran war began
Sao Paulo, 10 June (Argus) — Shipowners and traders have been booking spot bunker fuel supplies further in advance since the start of the Iran–US conflict, according to data collected by Argus . The longer lead times, between the placing of a bunker fuel order and the fuel being supplied, reflect concerns about potential supply disruptions and strategies to deal with price volatility. Disruption to shipping through and around the strait of Hormuz has encouraged buyers to secure fuel as far as four to six weeks ahead rather than risk encountering shortages, market participants said. Argus ' bunker assessments are typically for deliveries with a maximum of 9-12 days and up to 14 days for certain African ports. The shift reflects concerns about reduced availability, with around 20pc of global crude having previously transited the strait now missing and therefore restricting supply of bunker grades. Higher freight costs have also reduced the economic incentive for suppliers to import fuel, which further reduced availability. Very-low-sulphur fuel oil (VLSFO) prices have strengthened sharply across major bunkering hubs since the start of the US-Iran war, reflecting tightening feedstock availability and growing supply concerns. Delivered VLSFO indications in Rotterdam have rose by around 45pc from 28 February to 31 May, prices in Panama increased by 49pc and in Singapore by 47pc. The tightening market has been particularly evident in Fujairah, the world's fourth-largest bunkering hub, where an acute supply shortage has left most suppliers without prompt VLSFO availability until mid-June. Market participants said disruptions to regional feedstock flows and the loss of supply from Kuwait's al-Zour refinery sharply reduced local blending activity, pushing Fujairah VLSFO premiums to record highs of $500-700/t against front-month Singapore cargo values in early June. The change in buying patterns has been happening worldwide. Delivery times for VLSFO in Singapore have extended to about 10-15 days forward in some cases, depending on supplies given tight blendstock availability, traders said this week. Typical delivery periods of about 7-10 days forward remain possible. Singapore loadings for low-sulphur marine gasoil (LSMGO) have also slowed, with market participants expecting this to ease only in the second half of June. LSMGO supplies are tight because of delays in cargo arrivals from South Korea, and most current availability will go towards previously booked orders. The lead time for high-sulphur fuel oil (HSFO) has been steady at around 4-5 days, as supplies are ample in Singapore. In Gibraltar, the average lead time in the three months before the war started was around five days. This is now 10 days. In Rotterdam the average booking period is up to 10 days from seven. In South America, rising vessel traffic through the Panama Canal has increased congestion and lengthened waiting times. The tighter transit window has pushed bunker buyers in Balboa and Cristobal to secure fuel further in advance, with market participants reporting a shift away from prompt procurement toward longer lead-time bookings to ensure product availability and align deliveries with delayed canal crossings. The average bunker fuel lead time in the Panama Canal increased to 14 days in March-May, from 10 days in the three months ending 28 February. In Brazilian ports, longer lead times have also been driven by rising fuel oil export flows to Singapore, where demand for Brazilian supply has increased because of the disruption linked to the strait of Hormuz. The additional export pull has reduced feedstock availability for VLSFO blending in Brazil, tightening prompt supply at key ports like Santos and Paranagua. Santos' average bunker fuel lead times increased to 10 days in March-May, from eight days in the three months to 28 February. In Paranagua, average lead times rose to 13 days from 10 days over the same period. By Gabriel Tassi Lara, Natália Coelho and Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UAE's Fujairah out of VLSFO bunker supplies
UAE's Fujairah out of VLSFO bunker supplies
Dubai, 9 June (Argus) — An acute supply crunch resulting from the US-Iran war has left the UAE port of Fujairah, the world's fourth-largest bunkering port, depleted of very-low sulphur fuel oil (VLSFO). Most major bunker suppliers in Fujairah have completely pulled out of the market, reporting zero availabilities for the rest of the first half of June. The US-Israel war with Iran has severely disrupted local VLSFO production by cutting imports of feedstock materials and has severed supply from Kuwait's 615,000 b/d al-Zour refinery, leaving remaining bunkering volumes barely able to meet even very slim demand. "Nothing is moving here and will stay the same until we get a cargo from somewhere," a major bunker supplier said. Argus -assessed spot premiums for delivered VLSFO rose to all-time highs of $500-700/t against front-month Singapore VLSFO cargo values in the first week of June. In the neighbouring port of Khor Fakkan, where some sellers still have scarce supplies, a supplier sold a cargo on 8 June at a $450/t premium to the price basis. Under normal market conditions, bunker premiums typically hover around $10–20/t. But market participants anticipate some near-term relief with an expected arrival of low-sulphur straight run residuals (LSSR) in mid-June. A 100,000t cargo of LSSR from Nigeria's Dangote refinery, on board the Indonesia Prosperity , is scheduled to arrive in Fujairah on 16 June, according to global trade analytics firm Vortexa. The vessels charterer is trading firm Vitol, who owns a 100,000 b/d refinery in Fujairah. "It will take few days for LSSR to be blended into marine fuel grade VLSFO," one bunker trader said. "Vitol has its own bunkering arm in Fujairah which will have a priority for access over other suppliers." The volume of VLSFO sales in deals collected for assessment by Argus fell to a record low of 1,085 t/d in May, down from 1,760 t/d of sales in April. Argus compiles daily data on deals from Fujairah suppliers, traders and buyers, capturing up to a quarter of the market, offering a snapshot of broader market trends. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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