Singapore turns to Russian fuel oil as war restricts Middle Eastern supplies

{"text":[[{"start":12.15,"text":"Traders in Singapore, the world’s biggest ship refuelling port, are replacing lost Middle Eastern cargoes with Russian oil as the war in Iran continues to disrupt global energy markets."}],[{"start":22.9,"text":"Imports of Russian fuel oil to Singapore jumped following the outbreak of the conflict, with the volume in April already more than double the average monthly amount in 2025, according to data group Vortexa."}],[{"start":36.15,"text":"The conflict and blockade of the Strait of Hormuz have driven up energy prices globally and sparked shortages of key products including jet and shipping fuel, known as bunker. "}],[{"start":46.4,"text":"Oil prices, which influence the cost of shipping fuel, have fallen from highs of close to $110 a barrel in early April for Brent crude but were trading at about $106 on Thursday."}],[{"start":57.75,"text":"Under G7 and EU rules, Russian fuel oil is under sanctions and may not be imported by these nations. However, it can be traded subject to a price cap, which allows companies to ship the fuel if it is bought at or below $45 a barrel. "}],[{"start":73.85,"text":"In a policy shift, the US has temporarily waived sanctions on seaborne Russian oil in an effort to moderate price rises."}],[{"start":81.89999999999999,"text":"Singapore itself has not sanctioned specific Russian oil products but traders must comply with the price cap if shipments are transported using western maritime services."}],[{"start":92.8,"text":"Imports of fuel oil from the Middle East to Singapore have dropped substantially since the war started — although the volume from Russia in March and April helped offset the fall from the Gulf in those months, Vortexa data shows. "}],[{"start":107.3,"text":"Shipments from the Gulf in March and April fell to a combined 336,000 barrels a day, down from 522,000 in January and February. Russian cargoes increased from a combined 372,000 in the first two months to a combined 585,000 in March and April."}],[{"start":127.1,"text":"April arrivals from Russia were set to hit a record high in data going back to 2016, Vortexa said, based on its tracking of cargoes."}],[{"start":null,"text":"

"}],[{"start":135.95,"text":"About 20 Russian tankers have stopped in Singapore-linked anchorages this year, including several subject to EU and US sanctions, up from five between January and April last year, according to Veson Nautical, a maritime data company."}],[{"start":150.79999999999998,"text":"Across Asia, countries facing domestic energy shocks due to the conflict in the Gulf have increasingly turned to Russian oil."}],[{"start":158.89999999999998,"text":"Imports of Russian fuel to Singapore in April in particular were “huge”, said Paola Rodriguez-Masiu of Rystad Energy. Globally, cargoes were being redirected to the city-state because Singapore was paying more for fuel oil than other regions, she said. "}],[{"start":174.2,"text":"“Europe is quite exposed because on a pricing level Singapore is paying more, so it’s likely that the few flows that are available are heading there,” she said. “We have not felt the pain just yet but it’s almost inevitable that in the next few weeks you’re going to start to see issues with availability.” "}],[{"start":191.79999999999998,"text":"Data from price reporting agency Argus showed that while prices for bunker fuel had dipped from record highs in late March, it remained about $800 a tonne more expensive than in January for the highest-grade sulphur-based marine fuel that is used particularly in ports to lower pollution levels."}],[{"start":208.54999999999998,"text":"According to the Centre for Research on Energy and Clean Air, Singapore’s imports of Russian oil products doubled in March compared with February, with the largest increase seen in Russian fuel oil."}],[{"start":219.95,"text":"Marine traffic coming through Singapore has increased in the past six weeks as ships are rerouted from the Middle East."}],[{"start":null,"text":""}],[{"start":226.64999999999998,"text":"Vessel calls in March rose 7 per cent month on month and almost 15 per cent year on year in Singapore, according to BloombergNEF. At the same time, Singapore fuel oil inventories have declined by about 11 per cent over the past fortnight, it found."}],[{"start":243.74999999999997,"text":"“In Asia, in most ports, if you’re able to pay the premiums that some suppliers are asking for, you can find fuel — but inventories are low,” said Siew Hua Seah, an analyst at Argus."}],[{"start":256.65,"text":"Availability had improved in April as demand had fallen, and as ports including Singapore received deliveries, she added."}],[{"start":270.85,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777011790_4104.mp3"}