Marine fuels
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Antwerp bunker sales overtake Rotterdam: Correction
Antwerp bunker sales overtake Rotterdam: Correction
Corrects city in table heading. Sao Paulo, 23 April (Argus) — 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. By Gabriel Tassi Lara 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 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
VLSFO premiums up in UAE's Fujairah as supply dwindles
VLSFO premiums up in UAE's Fujairah as supply dwindles
Dubai, 22 April (Argus) — Very-low-sulphur fuel oil (VLSFO) bunker premiums have surged this week in the UAE port of Fujairah as local producers grapple with an acute shortage of low-sulphur feedstock and blend components, and imports of bunker-grade fuel are cut off because of the ongoing US-Iran conflict. The Argus -assessed delivered bunker premium, priced against the Singapore VLSFO cargo price, rose to more than $50/t on 21 April, after averaging $15/t in the previous week. The conflict has almost completely severed the flow of all products imports from Mideast Gulf refineries because of separate blockades in the strait of Hormuz by Iran and the US, including from key VLSFO source, Kuwait's 615,000 b/d al-Zour refinery. Marlin Santorini , carrying 110,000t of VLSFO loaded from al-Zour, has been trapped in the Mideast Gulf since 28 February. The shortfall is being compounded by a broader inability to secure sufficient low-sulphur residual feedstock to sustain local production levels. Local producers, including trading firm Vitol's 100,000 b/d Fujairah refinery, previously sought low-sulphur residuals from as far as Brazil, to backfill the loss of Dar Blend crude — a medium sweet grade from South Sudan — following the UAE's decision to sever ties with Sudan last year. But with security threats and high war-risk insurance premiums keeping shipping companies away from the region, VLSFO supplies in Fujairah, the world's fourth-largest bunkering hub, have been running out, local traders said. Regular bunker customers have been refuelling elsewhere, and until now Fujairah suppliers have been able to cope with the diminished demand. "The fuel in storage tanks has been emptied into barges because of the security fears," a trader said. "And suppliers have been selling whatever was left on their barges since early March." A major supplier had just around 500t of VLSFO left on a barge, and others reported low or no spot availability. As barge stocks are dwindling and resupply options remain very limited, market participants expect the bullish sentiment to persist in the near term. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Multi-fuel most sustainable future for bunkers: Panel
Multi-fuel most sustainable future for bunkers: Panel
Singapore, 16 April (Argus) — Ensuring availability of bunkering options for multiple fuels at key ports is the most viable approach to supporting an energy transition in the shipping industry and the establishment of green shipping corridors between key ports, said participants at the Argus Green Marine Fuels conference in Singapore. The US/Israel-Iran war and the subsequent disruptions to conventional bunker fuel supplies from the Middle East has shown that availability of a wider range of fuels will make shipowners less likely to be caught out by supply disruptions, especially for fossil fuels. The port of Rotterdam is preparing for a multi-fuel future like Singapore, said the port's program manager for sustainable transport Naomi van den Berg. "We see it has having a large part to play in moving towards a sustainable fuels future," she said. But infrastructure at ports must be available to support distribution of alternative fuels such as LNG, methanol and ammonia. Ports in Hong Kong are looking to mainland China for support in supplying alternative fuels, said Amy Chan, deputy secretary for transport and logistics for the Hong Kong Special Administrative Region government. Hong Kong is set to announce a partner for its own shipping green corridor later this year, Chan said. LNG remains by far the fuel of choice, based on order books for vessels . But most shipowners are still opting for dual use or considering triple-use engines to ensure they have the flexibility to refuel at ports that offer the best value fuel. The choice of LNG also means shipowners have the option to switch to bio-LNG. Availability of fuels and pricing remain key concerns, particularly in a challenging market, said Rohit Radhakrishnan, chair of the marine fuels committee in the Singapore Shipping Association. Investment in infrastructure is key to ensuring progress and while there are some existing facilities to support the transition to a multi-fuel future, there are still not sufficient infrastructure to fulfill the shipping industry's needs, said conference participants. By Siew Hua Seah Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Asian refineries to run less efficiently on crude shift
Asian refineries to run less efficiently on crude shift
Singapore, 15 April (Argus) — Shifting crude slates at Asia-Pacific refiners are reshaping regional refined-products output, weighing on residual fuel production and potentially leaving secondary units running less efficiently, market participants said. Asian refiners are scrambling to secure alternative crude feedstocks because access to their regular supplies from the Mideast Gulf was effectively cut off by the US-Iran war, prompting many to look increasingly towards the US for replacement supply. US light sweet crude has emerged as a leading substitute for Middle Eastern heavy and medium sour grades stuck at or unable to transit the strait of Hormuz. A record 3.5mn b/d of US crude is expected to arrive in Asia-Pacific for June delivery, exceeding the previous record of 2.5mn b/d set just a month ago, according to ship-tracking data from Kpler. Japan, which relies heavily on Mideast Gulf crude, has become a key buyer of US cargoes. Japanese refiners have so far purchased more than 530,000 b/d of US crude for June delivery , according to Argus deal tracking data, easily surpassing the previous monthly high of 290,000 b/d in December 2025, based on the country's trade and industry ministry figures. ExxonMobil also bought just over 230,000 b/d of WTI for delivery to its 592,000 b/d Jurong refinery in Singapore in June. The Jurong refinery stopped importing US crude in May last year, after it upgraded residue processing and shifted to a heavier, more sulphurous slate. Lighter crude appetite The shift from heavier sour grades to lighter sweet crudes is expected to reduce residual fuel output, with knock-on effects on secondary unit feedstock availability, market participants said. Ironically, complex refiners — designed to upgrade residual fuels into higher-value gasoil and gasoline — may find themselves short of feedstock for secondary units under a lighter crude slate, resulting in lower operational efficiency. Argus Consulting research on Japanese refineries — which typically operate cracking configurations — shows the crude switch could increase light distillate output while sharply reducing residual fuel oil production. This could leave refiners struggling to source feedstock for hydrocrackers and fluid catalytic crackers, the key units for gasoil and gasoline production. It remains unclear whether refiners not accustomed to running such light slates will face operational constraints, but the impact may be limited in the near term while run rates remain below normal due to rationed crude supplies, an Argus consultant said. Some refiners may instead turn to spot purchases of secondary feedstocks such as vacuum gasoil (VGO) and straight-run fuel oil (SRFO), but these options come at elevated costs, according to an Argus survey. Refiners are seeking to buy VGO and SRFO, but supply is currently tight, a Singapore-based senior fuel oil trader said. It also depends on whether a refinery has a direct injection facility, which allows secondary unit feedstocks to be fed directly into downstream units rather than through the crude distillation unit (CDU), a senior oil analyst said. Vietnam's Nghi Son Refinery and Petrochemical (NSRP), for example, has made unusual SRFO and VGO purchases due to reduced residual output after switching to lighter crude grades, partly as a result of the US-Iran war. NSRP typically processes medium sour Kuwait Export Crude, but supply disruptions have forced it to source alternative grades — a process that had already begun prior to the conflict — resulting in lower production of heavier products such as fuel oil and VGO. Market participants warned of a potential double-whammy effect for Asian refiners — crude shortages force lower refinery run rates while mismatched crude slates reduce secondary unit efficiency, ultimately weighing on refined-products output. By Aldric Chew, Tng Yong Li and Chay You Liang Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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