The United Arab Emirates, one of the leading bunker hubs, experienced rebound in Fujairah bunker fuel sales for 2024, following a decline in previous years. According to the Fujairah Oil Industry Zone data, total bunker fuel sales, excluding lubricants, amounted to 7.6 million cubic meters (approximately 7.5 million metric tons), reflecting a 1.9% year-on-year increase compared to 2023.
Fujairah Bunker Fuel Sales: Key Highlights
2024 Total Sales: 7.6 million cubic meters (7.5 million metric tons)
Year-on-Year Growth: +1.9%
Global Ranking: 3rd largest bunker hub, ahead of Zhoushan, China (7.26 million tons)
Factors Driving the Increase
Refuelling Demand Surge:
Disruptions in global shipping led to increased refuelling at key ports, boosting bunker sales.
Larger stem sizes of fuel deliveries also contributed to the growth in total volumes.
High-Sulphur Fuel Oil (HSFO) Growth:
HSFO sales surged by 17%, reaching over 2.1 million cubic meters in 2024.
Market share of HSFO in Fujairah grew to 28% (up from 24% in 2023 and 20% in 2022).
Increased number of scrubber-fitted vessels opting for HSFO as a cost-effective refuelling choice.
Decline in Low-Sulphur Marine Fuels:
Sales of low-sulphur marine fuels (LSFO and MGO) dropped by 3%, totaling around 5.5 million tons.
Competition and Challenges
Rival Ports: Nearby ports like Khor Fakkan sometimes offered more competitively priced marine fuel, limiting Fujairah’s growth potential.
Geopolitical Tensions: Increased risk premiums due to regional geopolitical instability had previously impacted demand at Fujairah, but the port showed signs of recovery in 2024.
Comparison with Other Global Bunker Hubs
While Fujairah’s fuel sales increased, other major ports like Singapore and Zhoushan also saw growth, with both setting new records in 2024.
2024 Monthly Breakdown
Month
Total Sales 2024 (cubic meters)
Total Sales 2023 (cubic meters)
Percentage Change (%)
Jan
674,632
633,023
+6.6%
Feb
633,436
572,371
+10.7%
Mar
700,918
559,800
+25.2%
Apr
638,960
596,330
+7.1%
May
615,462
620,388
-0.8%
Jun
610,765
605,374
+0.9%
Jul
621,679
659,566
-5.7%
Aug
656,034
677,503
-3.2%
Sep
614,929
628,639
-2.2%
Oct
635,471
654,153
-2.9%
Nov
606,042
610,498
-0.7%
Dec
606,427
658,638
-7.9%
Total
7,600,000
7,468,000
+1.9%
Despite some competition and challenges, the recovery in 2024 signals a positive trend for Fujairah, cementing its role as a crucial bunker hub in the global marine fuel market.
Data source: Fujairah Oil Industry Zone data (1 cubic meter = 6.29 barrels; 1 metric ton = 6.35 barrels for fuel oil)
