Corrects city in table heading.
Antwerp sold more marine fuel than Rotterdam in the first quarter of 2026 for the first time since the fourth quarter of 2023.
Volumes traded in Antwerp were 52pc higher than in the neighbouring Dutch port, reflecting the impact of the Netherlands' implementation of the EU's revised Renewable Energy Directive (RED III).
Bunker sales data for the first quarter at the port of Antwerp show that volumes of conventional marine fuels sold rose by 37.5pc quarter-on-quarter and 14.8pc on the year, to nearly 2.4mn t. Sales in Rotterdam fell by 27pc on the quarter and 28pc on the year, to 1.58mn t.
The retroactive implementation of the RED III marine mandates in the Netherlands since January has increased the cost of conventional marine fuels in Dutch ports, extending renewable fuel blending and compliance obligations to the maritime sector.
From 2026, fuel suppliers in the Netherlands must meet stricter greenhouse gas reduction targets, which can be achieved by incorporating more expensive alternative fuels into their supply mix or by purchasing tickets (ZREs) from other suppliers who have done so. These additional costs are passed on to bunker fuel buyers. As a result, prices for conventional marine fuels in the Netherlands have risen relative to ports where RED III implementation has been delayed, such as Belgium.
Between early February and the end of March, MGO dob Rotterdam prices were on average $12.75/t higher than equivalent Antwerp prices, while VLSFO dob Rotterdam held an average premium of around $14.50/t over the same period.
This price differential is expected to persist at least until the end of the year, when RED III is due to be implemented in Belgium.
The increase in sales in Antwerp was capped in March owing to supply constraints. The effective closure of the strait of Hormuz following the start of the US–Iran war sharply reduced bunker availability in Singapore, increasing competition for VLSFO and MGO cargoes that would otherwise be exported to the ARA hub. This led to tighter availability of conventional bunker fuels in March and lengthened bunkering lead times across the entire hub, including Antwerp.
| Antwerp bunker sales | t | ||||
| Fuel | 1Q 2026 | 4Q 2025 | Q1 2025 | q-o-q % | y-o-y % |
| ULSFO | 164,114 | 124,634 | 118,447 | 31.5 | 38.5 |
| VLSFO | 955,032 | 521,017 | 708,410 | 83.3 | 34.8 |
| HSFO | 718,016 | 524,229 | 661,352 | 37.0 | 8.6 |
| MGO/MDO | 338,364 | 345,899 | 352,867 | -2.0 | -4.0 |
| Conventional total | 2,397,146 | 1,744,407 | 2,089,779 | 37.5 | 14.8 |
| Biofuel blends | 20,726 | 10,959 | 41,973 | 89.0 | -50.5 |
| LNG (m³) | 90,038 | 48,634 | 28,670 | 85.0 | 214.0 |
