ENOC looks to enhance market share with two more barges
United Arab Emirates bunker supplier ENOC Bunkering announced today that it is planning to add two new bunker-specific barges to its fleet in Fujairah to meet a surge in demand.
The two 7,000 deadweight tonne (DWT) barges are expected to be in operation by the end of May, Odysseus Goumas, ENOC Bunkering General Manager told Bunkerworld today.
According to ENOC's internal newsletter, the company averaged record sales of 295,000 MT through January and February, a trend that continued into March, said Goumas.
ENOC, which recently bolstered its team to 19 employees with the addition of three new staff, could land additional sales of approximately 150,000 MT per month with the addition of the barges if market conditions allowed.
"These barges will add to our capability to make bunker deliveries," Goumas added.
Average bunker sales throughput in Fujairah is widely perceived to have fallen away from peaks of around 11 million MT in 2001, to average monthly sales of between 600,000 and 700,000 MT, according to market experts.
In Fujairah today, prices for IFO380 bunker fuel climbed moderately, reversing a decline of $3 pmt in cargo prices on Monday, local suppliers said.
Cargo and prices were pressured by weakness in local fuel oil cargo values, however barge congestion in the Fujairah bunker market impacted upon prices today, with suppliers quoting between $161 and $162 pmt for IFO380 as avails tightened.
ENOC said that it was out of product and awaiting replenishment product. Quoting delivery dates of 30 March, a company spokesman joked: "Our recent cargo came and went before it arrived." Supplier Avin quoted delivery dates from 28 to 29 March today, while FAMM told Bunkerworld that it had limited avails for delivery from 28 March.
Other players in the bunkering hub quoted delivery dates between 26 March and 1 April, reports said today.
The two 7,000 deadweight tonne (DWT) barges are expected to be in operation by the end of May, Odysseus Goumas, ENOC Bunkering General Manager told Bunkerworld today.
According to ENOC's internal newsletter, the company averaged record sales of 295,000 MT through January and February, a trend that continued into March, said Goumas.
ENOC, which recently bolstered its team to 19 employees with the addition of three new staff, could land additional sales of approximately 150,000 MT per month with the addition of the barges if market conditions allowed.
"These barges will add to our capability to make bunker deliveries," Goumas added.
Average bunker sales throughput in Fujairah is widely perceived to have fallen away from peaks of around 11 million MT in 2001, to average monthly sales of between 600,000 and 700,000 MT, according to market experts.
In Fujairah today, prices for IFO380 bunker fuel climbed moderately, reversing a decline of $3 pmt in cargo prices on Monday, local suppliers said.
Cargo and prices were pressured by weakness in local fuel oil cargo values, however barge congestion in the Fujairah bunker market impacted upon prices today, with suppliers quoting between $161 and $162 pmt for IFO380 as avails tightened.
ENOC said that it was out of product and awaiting replenishment product. Quoting delivery dates of 30 March, a company spokesman joked: "Our recent cargo came and went before it arrived." Supplier Avin quoted delivery dates from 28 to 29 March today, while FAMM told Bunkerworld that it had limited avails for delivery from 28 March.
Other players in the bunkering hub quoted delivery dates between 26 March and 1 April, reports said today.
Alisdair Pettigrew | Tue Mar 23 12:42 GMT 2004