Eminent thought leaders addressed the impact of COVID-19 pandemic on the crude oil and bunker market at the virtual edition of the 12th International Fujairah Bunkering and Fuel Oil Forum (FUJCON 2021 Virtual) on 23rd March. FUJCON is held biennially under the auspices of the Government of Fujairah & the Port of Fujairah and FOIZ, under the patronage of H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah.
Under the theme Fueling the Future: Solutions & Challenges, speakers examined both key post COVID-19 and IMO 2020 scenarios, addressing commercial and technical aspects of the outlook for oil and bunker markets, prices and demand uncertainty, spreads between VLSFO, HSFO and MGO, blending practices and the increasing market share for LSFO, bunker fuel procurement patterns and the future fuels landscape with the role of LPG, LNG, Methanol and Hydrogen.
The status of scrubbers, ship efficiency indices under GHG, shifting crude slates and refined product demand post COVID-19 and the large scale adoption and technical challenges of digital technologies were also addressed in eight distinct panels on March 23 and 24 through presentations and roundtable discussions, over the two-day event.
As many as 45 visionaries, key decision makers, thought leaders and marine experts shared their views, analysis and insights on the global bunker and fuel oil market developments, and challenges to be tackled by the fuel oil and maritime industry in paving the road to recovery post the global pandemic.
A special highlight of the two-day deliberations was an update on the key developments in Fujairah in the two years since the last Forum, showcasing its growth as a global oil and products storage and trading hub. Port of Fujairah’s Offshore Anchorage remains one of the largest maritime hubs, with over 13,100 vessel calls in 2020, was also highlighted, in particular how the Port of Fujairah responded to the COVID-19 outbreak.
The Forum was held as part of the Fujairah Bunkering Week (FBW) from 15-24 March 2021 with participants from leading oil and bunker producers, traders, oil majors, national oil companies, shipowners, operators, managers, brokers, charterers, terminal operators, refiners and classification societies, from Asia, Africa and the Middle East, Europe and the Americas. The Forum featured over four industry events as part of the week, with access to virtual networking options for attendees to renew business contacts and forge new alliances during 1-2-1 audio, video and group meetings.
