Colin Holloway, Global Head – Technical, participated in the first session at the event, discussing ‘Adapting to change: The commercial outlook for the bunker industry’, with presenters from other regions around the world - Colin represented the Middle East. During the event, Colin and the other delegates covered varying subjects, such as:
- Transparency in marine fuel sector
- Availability of alternative fuels and it’s issues
- Prevention of claims
- Legal issues in bunkering industry
- Compliance – Sanctions and Bunker T&C’s, arbitration and regulatory enforcements
As part of his presentation, Colin stated that the Port of Fujairah, regarded as the world’s third biggest bunkering hub, has begun to face regional competition from new ports based in Saudi Arabia, Qatar and Egypt. Colin earmarked the Red Sea a region of particular interest, stating, “The most interesting place is the Red Sea, Egypt has recently issued two bunkering licenses for the Suez Canal and two licenses on the port side to three companies, providing bunkering to a market that serves 20,000 ships a year, compared with 14,000 ships annually at Fujairah.” Colin continued, “I’ve always thought the Red Sea should be a major bunkering hub. I see movement there and I think it’s going to be very interesting.”
However, Colin noted Fujairah has been responding to this with expansions of its own and that competition will be welcome to shipowners who are facing increased costs in the region, with Fujairah fuel currently more expensive than Singapore.
Attending the event were (in picture from the left), James Kennedy, Legal Director, Preston and Turnbull, Llewellyn Bankes-Hughes, Managing Director, Petrospot Ltd., and our very own Ameena Siddiqua, Technical Executive, and on the right and presenting as previously stated, Colin Holloway, our Global Head – Technical. Thank you to our hosts for having us!