War risk costs drag on UAE marine fuel sales, benefit Singapore: trade sources via RoslanJK Take a closer look at the Strait of Hormuz as tensions rise in the strategic oil chokepoint:
SINGAPORE - Shippers trying to minimize time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates’ Fujairah oil hub, trade sources said.
A ton of 380-centistoke high-sulphur fuel oil in Fujairah has slipped from an average $5-$10 premium over Singapore in May to a discount of $30-$70 over the past two weeks, three sources said. Ship owners pay annual war-risk cover as well as an additional ‘breach’ premium when entering high-risk areas. These separate premiums are calculated according to the value of the ship, or hull, for a seven-day period.
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