Large oil tankers are seeing less activities to carry long-haul fuel oil from Asia, as the region’s refinery capacity is expected to continue expanding, coupled with stringent regulations to curb the use of high-sulphur bunker fuel on ships, according to a view by Poten & Partners.
“Increased Asian refinery capacity has also resulted in higher production of fuel oil (as well as all other oil products) in Asian countries,”Poten & Partners said in a recent report.
“This increase in domestic supply naturally resulted in decreased imports of fuel oil, with Southeast Asian fixtures declining over 14m metric tonnes from 2012-2014.”
“With fuel oil demand and imports decreasing in Asia, arguably the product’s biggest market, and around the world, it is difficult to envision how fuel oil will remain highly in demand and traded in the future,” Poten & Partners commented.
“Now, most affected shipowners are using marine gasoil, a middle distillate low sulphur fuel, in these coastal zones, with many others starting to look to the fuel as a viable alternative to residual fuel oil,” Poten & Partners said.
Source: Poten & Partners
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