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03.10.25 - 01:21
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Sanctions And Houthi Threat Boost Fuel Oil Demand (ZeroHedge)
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Sanctions And Houthi Threat Boost Fuel Oil Demand
By Tsvetana Paraskova of OilPrice.com
Contrary to earlier expectations, global demand for fuel oil has jumped the most since 2019 as longer routes to avoid the Houthi threat around the Red Sea and the surge in shadow fleet numbers have contributed to higher fuel oil use in the shipping industry, analysts tell Reuters.
Ship owners have installed the so-called scrubbers to reduce emissions from fuel oil use instead of significantly boosting the use of marine gasoil and low-sulfur fuel oil (LSFO), according to industry experts.
In the past two years, the geopolitical situation has also contributed to higher fuel oil demand. Vessels began avoiding the Red Sea at the end of 2023 amid Houthi attacks on commercial shipping. That has made the voyage via the Cape of Good Hope in Africa much longer and requires higher fuel oil volumes per trip.
Moreover, a growing number of very old vessels are joining the so-called shadow fleet to transport Russian, Ira...
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