Marine Fuel Sales Surged in 2024 due to Red Sea Crisis
Global marine fuel sales saw a significant increase in 2024 due to Yemen’s Houthis attacks, leading to rerouted vessels around southern Africa. Singapore and Fujairah experienced record-high volumes, while Rotterdam saw a 12% rise in sales. Diversions to longer routes boosted fuel demand, with hopes of a return to the Red Sea route following a Gaza ceasefire.