Iran War Upheaval Jolts Shipping Fuel Suppliers in Singapore
Shipping vessels moored in waters off the southeastern coast of Singapore.
Source: Bloomberg
A widening conflict in the Middle East has led to dramatic swings and surges in the price of fuel for ships, prompting distributors in Singapore, the world’s top bunkering hub, to cut back their purchases.
Bunker distributors typically buy large volumes of fuel oil and marine gasoil that they then resell to vessels calling at Singapore for refueling. However, several people directly involved in the trade said they had been holding off bigger orders since last week, citing extreme price fluctuations.