Fujairah Q4 2021
Fujairah Q2 2021
Driving towards the goal of being a global energy hub
**Driving towards the goal of
being a global energy hub**
Q4 2021 | S&P Global Platts Quarterly Report **No.17**
Looking back, and Foreword
Senior Director, Commodity Solutions
Crude and Refined
S&P Global Platts
This year we celebrate a few important anniversaries. We are in the middle of the commemorations for the ‘Year of the 50th’, marking 50 years since the formation of the UAE. It has also been five years since Platts started pricing refined oil products at Fujairah, and since the Fujairah Oil Industry Zone began providing weekly oil inventory statistics.
In the spirit of one of the four pillars for the celebration of the UAE’s Golden Jubilee, in this edition of the Fujairah magazine, we reflect on the journey of Fujairah to become a major trading hub and recent market events.
Fujairah and Platts have used this opportunity to take stock of their partnership. The relation built on openness, collaboration and a shared vision for Fujairah remain strong.
Since I became involved in the Platts- Fujairah project almost three years ago, I have witnessed first-hand and from the inside how the collaboration between Platts and Fujairah has developed and enabled the market to trade effectively and with confidence. And in that regard, we will continue to expand our market reporting offering through price assessments and the free distribution of fundamental data.
The Platts and Fujairah leadership look forward to more opportunities to engage with market participants and continue working towards our common goals.
Riding the Waves
In the spirit of reflection, this edition of this magazine also looks back at the oil markets over the last year. The featured report by Dan Colover gives a comprehensive and well-summarised overview of what has been a very dynamic period, characterized by a strong but very nervous recovery. Moreover, it highlights how Fujairah can provide the markets with flexibility and optionality to avoid short-term and disruptive squeezes thanks to its state of the art infrastructure and strategic location.
But we are not just looking back to revel in our achievements. As the sayings go, we must appreciate our history to understand the present and shape the future. The special report by Surabhi Sahu on the decarbonization of shipping puts the spotlight on this sector and its role in the climate change conversations. It is fascinating to watch a whole ecosystem of industries competing and cooperating while testing all possible combinations of fuels, propulsion, and exhaust gas cleaning systems, trying to identify and pick the winning combination. I have sympathy for an industry that is trying to modernize at record speed while under tremendous stress due to ongoing demands on the supply chains.
Here is to Many More Years
I am often asked how I feel working on a segment of the commodities markets seemingly on its way out. And I remind my inquisitors that it might take a relatively long time for the world to stop depending on oil and the products of its refinement across all applications. Furthermore, so much infrastructure has been developed over the last 100 years that at least for a while and in some cases, the most cost-effective solution will continue being the combustion of fossil fuels but limiting the harmful effect of emissions. Meanwhile, there is a healthy and dynamic market that needs serving. And I am happy and honoured to be working with Fujairah to be part of the solution. So here’s to many more years of growth and successes.
Want to know more about S&P Global Platts Fujairah prices?
Or our Dubai and Oman Crude price benchmarks or any other part of our Oil, LNG or Shipping services please contact our team at firstname.lastname@example.org
Key Milestones: UAE and the Port of Fujairah
Key Milestones: UAE and the Port of Fujairah
Oil demand continues to move towards pre-pandemic levels
As the end of the year fast approaches it gives us an opportunity to look back and reflect on the year gone by. Going into the start of 2021 there were hopes that life would start to go back to normal as vaccines were rolled out, with lockdowns becoming a thing of the past. The emergence of new variants of the coronavirus started to test that theory, but as the year went on concerns over these variants started to subsid and life - and business - looked to be back on track to normality in many parts of the world.
However, recent higher case rates in parts of Europe, leading to the resumption of lockdowns indicate that we are sadly far from the end of the pandemic, with those shoots of normality in some places receding.
The bunker sales data at the Port of Fujairah now has ten months of history, with the October figures showing a fresh record high for sales this year"
In the Middle East it has been an eventful year, with the region’s role as a critical supplier of crude and refined products to the world, commodities needed for the world’s economy to function effectively daily, as ever a major focus. Crude oil prices have rallied since the start of the year, from a $50/b range in the first quarter to move in the fourth quarter around $80/b range, as global demand has recovered to near prepandemic levels and supply has become tighter. These higher crude prices should stimulate more production and indeed OPEC and its allies have committed to add extra oil onto the market, although not as fast as some consumers would like. Most recently, on November 4, OPEC+ stood firm on boosting crude output quotas by 400,000 b/d for December, as it continues to ratchet back production cuts that were first imposed during the early stages of the pandemic when prices plunged.
The market keeps a close eye on production levels and the October OPEC+ Platts production survey, indicates that OPEC and its allies have boosted crude oil production by 480,000 b/d in October, as OPEC’s 13 countries pumped 27.55 million b/d, up 260,000 b/d from September, while Russia and eight other partners added 13.66 million b/d, up 220,000 b/d.
With consumers feeling the pressure of higher prices there is some political pressure being exerted to lower fuel prices, with some countries raising subsidies or bringing back the regulation of fuel prices. Another strategy that some countries are undertaking is to release strategic stockpiles as they seek to ease supply tightness and put downward pressure on oil prices.
Turning to the Port of Fujairah which is one of the world’s leading bunkering hubs and is a key stop-off point for vessels to refuel as Fujairah they leave the Middle East and travel onwards to oil-consuming nations, it has also seen advances this year, with developments in both physical infrastructure and data reporting.
For physical infrastructure developments in Fujairah, one development is the project to link the ADNOC Murban crude terminal to the Port of Fujairah infrastructure, which will allow Murban crude to be both stored at the port’s terminals and exported from its berths.
Another development has been BPGIC commissioning and starting operations at its new 600,000 cubic meter storage facility at the Port of Fujairah, bringing its total capacity to around 1 million cu m. The phase two storage facility can store fuel oil, clean products and crude. A further development underway is that Fujairah Oil Terminal, or FOT, has begun a $45 million project to connect its crude oil tanks to the port’s VLCC loading facility via the Matrix Manifold 2.
In data reporting developments, bunker sales at the Port of Fujairah have been reported since March, bringing transparency to bunker sales at the port, with data going back to the start of the year.
The bunker sales data, the reporting of which is done exclusively through S&P Global Platts, is published monthly across six categories: 180 CST low-sulfur fuel oil, 380 CST low-sulfur fuel oil, 380 CST marine fuel oil, marine gasoil, low-sulfur marine gasoil and lubricants.
The bunker sales data at the Port of Fujairah now has ten months of history, with the October figures showing a fresh record high for sales this year at a total 782,060 cubic meters, reflecting a rise of 22% month on month.
Low-sulfur fuel oil is the most popular fuel sold at the port, with sales of 606,666 cu m in October, up from 487,906 cu m in September. We are nearly two years since the IMO 2020 regulations came into effect, restricting the use of high-sulfur fuel oil to only vessels with exhaust scrubbers. Over time the amount of vessels with scrubbers installed is slowly ticking up and we can see that sales of high-sulfur fuel represent the second highest category of fuel sold, with 135,150 cu m of high-sulfur bunkers sold in October, accounting for 22.3% of total bunkers sales.
Helping to provide bunker fuel to the Port of Fujairah are three independent refining units. Two of these units are largely focused on producing IMO 2020 compliant bunker fuel, with a combined capacity of over 500,000 mt/month. The third refining unit at the port produces high-sulfur fuel oil, which is sought by ships with exhaust scrubbers that visit the port for bunkering.
Complementing the bunker sales data is the weekly stock reporting at the Port of Fujairah, which is approaching its sixth-year milestone in the new year. Stocks are reported across three categories: light distillates, middle distillates and heavy residues.
Looking towards 2022, with oil demand continuing to head to pre-pandemic levels and continued optimism within the region that there is a return to normality, the Port of Fujairah is set to have an exciting year as its infrastructure continues to grow and its role as the leading trading and oil storage hub in the Middle continues to develop. This year has seen the launch of the bunker sales reporting and, coupled with the stock level reporting entering its sixth year, this is building up the reference data at the port, allowing market participants to make decisions as they have the relevant insight into activity at the port.
Were you aware of IMO 2020's shift to replace heavy, high sulfur residual fuel?
- Yes, absolutely.
- I had heard about it.
- No, I was not aware.
Fujairah Bunker Sales Data
Fujairah strengthened its longstanding relationship with S&P Global Platts in 2021 to start jointly publishing monthly sales of bunker fuels and lubricants, bringing important visibility into market activity in this world-leading bunker market. This is part of the Emirate’s vision to drive increased transparency as one of the leading global oil and bunker trading and storage hubs.
The Port of Fujairah and Platts make the monthly volume of bunker sales during the previous month, freely available to the market on the 20th of each month, with history commencing from the start of 2021 at fujairah.platts.com
Marine Fuel 0.5%
The bunker sales volume data is broken down across six categories covering conventional and emerging products, including 180cst low sulfur fuel oil, 380cst low sulfur fuel oil, 380cst marine fuel oil, marine gasoil, low sulfur marine gasoil and lubricants. The volumes are reported in cubic meters together with insight provided by Platts about the inventory statistics in absolute and relative terms.
The new data complements the weekly oil products inventory data on light distillates, middle distillates and heavy distillates & residues that FOIZ - acting through Fujairah Energy Data Committee (FEDCom) - and S&P Global Platts have jointly published since the start of 2017.
Platts has published independent refined product prices on a FOB Fujairah basis since October 2016, enhancing transparency for market participants.
*S&P GLOBAL PLATTS & FUJAIRAH*
The evolution of
S&P GLOBAL PLATTS & FUJAIRAH
The evolution of
The rise of the Middle East as a major trading and refining hub, at the epicentre of energy demand, quickly marked the region out as the fulcrum in rapidly evolving global energy trade flows. The ambition that has underpinned the expansion of Fujairah as a significant logistics hub has helped reshape those energy flows, even as the trade flows were reshaping Fujairah.
The Port of Fujairah today hosts key market makers while the presence of tanks for blending and storage, pipelines, deep water port facilities, the presence of refining facilities that can produce IMO 2020 compliant fuel and its geographic position at the crossroads of international trade mean it has emerged as a vibrant marketplace.
The port of Fujairah has emerged as a vibrant marketplace."
For S&P Global Platts, such credentials are the hallmark of benchmark pricing services – the provision of robust, independent price reporting driven by transparent market-derived price information – and the drive towards lower sulfur fuel oils as part of the IMO’s 2020 changes will only consolidate that position.
Long an important cog in the provision of bunker fuels to the marine world, S&P Global Platts isn’t new to the Middle East – its first Kuwait-based bunker fuel assessments were launched in 1986, with Khor Fakkan assessments launching in 1989, followed by Fujairah as far back as 1994. As refining in the region has intensified and improved, fuel oil assessments were joined by jet fuel and gasoil assessments, along with propane and butane in 1998, with naphtha and gasoline completing an impressive pricing suite by 2008.
Now, the start of the new decade has brought with it a cut in sulfur levels to 0.5% for marine fuels – and, once again, Platts and the Port of Fujairah are at the forefront, with the launching of a suite of Marine Fuel 0.5% assessments reflecting the value of IMO 2020 complaint fuel at the port.
When you consider that marine fuels contribute 6% of total global oil demand, you realize the impact this change is having on the entire oil complex as around 3.2 million barrels a day of barrels of heavy, high sulfur residual fuel demand has had to be replaced by lower sulphur fuel that is compliant with the new IMO 2020 regulations.
Platts assesses premiums
for spot market differentials
Recent changes to Middle East
S&P Global Platts Middle East
product pricing changes
S&P GLOBAL PLATTS & FUJAIRAH
Platts has a full suite of Marine Fuel maximum 0.5% sulfur assessments in Fujairah, covering the various ways the IMO-compliant fuel is sold. The first assessment is a cargo assessment which reflects the largest parcels the fuel trades in, often before it is exported to further afield.
Platts also has bunker assessments at the Port of Fujairah that it launched in July 2019. The first is for ex-wharf bunkers which are parcels sold onto bunker barges and the second assessment at the port is for delivered bunkers. In addition to the physical cargo and bunker assessments, Platts in May 2019 launched assessments for financially settled derivative contracts at the port which settle against the average of the physical cargo assessment.
Platts in October 2016 launched independent price assessments on an FOB Fujairah basis for cargoes of 95 RON gasoline, gasoil, HSFO 380 CST and kerosene. Most recently in September 2020 Platts launched 95 RON gasoline cargo and naphtha cargo assessments on an FOB Fujairah basis.
S&P Global Platts partnership with the Port of Fujairah to publish the Fujairah oil inventory data gives unparalleled transparency over the activity in the port.
Were you aware of IMO 2020's shift to replace heavy, high sulfur residual fuel?
- Yes, absolutely.
- I had heard about it.
- No, I was not aware.
As of Monday, November 22 total oil product stocks in Fujairah stood at 16.256 million barrels falling by 4.040 million barrels week on week. Overall product stocks fell by 19.9% with draws across light distillates, middle distillates and heavy residues. Stocks of heavy residues fell by 15.8%, falling by 1.716 million barrels on the week to stand at 9.165 million barrels. Heavy residues are the single largest category of stocks with light distillate stocks second, standing at 4.269 million barrels.
takes spotlight as climate
Maritime decarbonization, a tempest before the calm
• Fuel flexibility still key while exploring multiple zero-carbon fuels
• LNG as a marine fuel has immediate benefits
• Legislation, market-based measures go hand in hand
By Surabhi Sahu
Senior Editor, Refined S&P Global Platts
The global maritime industry is intensifying efforts to curb its carbon footprint, but the journey has just begun. Preparations, thus far, have borne some fruit, but challenges lurk, making the energy transition a daunting task.
Shipping accounts for about 2.9% of global greenhouse gas emissions, according to the International Maritime Organization. Without mitigation, emissions could grow by as much as 130% from 2008 levels by 2050. This renders a sense of urgency to fast-track decarbonization, despite the unprecedented associated expenses as well as related operational and technological complexities.
Martin Stopford, a shipping economist, said it could cost the maritime industry around $3.4 trillion worth of investments to meet IMO-mandated climate goals over the next 30 years. This is significant for an industry that has had to transition not too long ago to the IMO’s global sulfur mandate for marine fuels. In addition, it has had to navigate through a compendium of near-term complications amid the pandemic — global lockdowns, crew change challenges, hindrances of bunker-only calls, logistical bottlenecks, oil price fluctuations, amid a general dent in demand for commodities.
In April 2018, the IMO laid out its strategy for the shipping industry to reduce its total greenhouse gas emissions by at least 50% from 2008 levels in 2050.
In June, at a key UN IMO meeting — the 76th session of the Marine Environment Protection Committee (MEPC 76) — members adopted crucial mandatory measures to reduce ships’ carbon intensity while also establishing a ship rating system.
The new measures will require all ships to calculate their Energy Efficiency Existing Ship Index following technical means to improve their energy efficiency and to establish annual operational carbon intensity indicators and CII ratings.
But the committee did not act adequately on funding proposals and incentivizing research into low-carbon fuels, leaving many industry stalwarts urging the IMO to expedite work on an IMO-supervised $5-billion fund program as prevailing R&D efforts are insufficient.
MEPC 76 was followed by MEPC 77 in November, shortly after the UNFCCC COP 26, which gave greener shipping attention to tackle climate change. But despite this thrust, industry sources said IMO’s MEPC 77 failed to deliver on GHG cuts ambition adequately.
“We are disappointed that the words and commitments made by governments at COP26 have not yet been translated into action,” the International Chamber of Shipping General Secretary Guy Platten said in a statement on Nov. 26.
“There was a clear recognition from many more countries that there is an urgent need to significantly increase R&D spending. But we are disappointed that insufficient time was dedicated to allow IMO Member States to take a decision on the $5 billion fund at this session,” he added.
The IMO in a statement on Dec. 1 said that proposals for further mid-term GHG reduction measures, including market-based measures, to address GHG emissions from shipping, as well as a proposal to establish an International Maritime Research and Development Board, discussed during the session, have been referred to the to the next sessions of the ISWG-GHG for further assessment in accordance with Phase I of the Organization’s Work plan on the development of mid-term measures.
Bulk of the research, at least for the time-being, will likely continue to be carried out in silos although a coordinated approach is needed to galvanize the decarbonization momentum.
Japanese shipper K Line was in the spotlight recently for testing the world’s first onboard CO2 capture plant on one of its coal carriers.
While this has set the stage for the development of technology and systems to capture CO2 from the exhaust of marine equipment and ships, the industry’s technological advancements still have a long way to go.
No clear winner in the marine fuels debate
Given the gamut of potential zero-carbon fuel options being explored, from the likes of ammonia, hydrogen, methanol, biofuels, LPG to even wind power, shipowners need to assess the merits of each, and many are already doing so.
According to S&P Global Platts Analytics projections, global bunker demand will surpass 6 million b/d in 2021 and surpass 7 million b/d in 2028.
For 2021, Platts Analytics calculated HSFO will account for 16% of global bunker demand, VLSFO for 43% and LNG for 7%. For 2030, it has forecast that HSFO will account for 25% of global bunker demand, VLSFO for 33% and LNG for 16%.
Last year, BW LPG retrofitted three very large gas carriers — BW Gemini, BW Leo and BW Orion — to become the world’s first Very Large Gas Carriers to be LPG-propelled. These were the first of BW LPG’s over $130-million commitment to retrofit about 15 VLGCs with LPG dual-fuel propulsion technology, part of its zero-carbon aim.
Global integrated container logistics company A.P. Moller - Maersk, in August this year said that in the first quarter of 2024, it will introduce the first in a groundbreaking series of eight large ocean-going container vessels capable of being operated on carbon neutral methanol. Proman
Stena Bulk, a joint venture between shipowner Stena Bulk and methanol producer Proman, is on track to build three tankers equipped with methanol dual-fuel engines for delivery by 2023, alongside an additional three Proman-owned vessels, Proman told S&P Global Platts in October.
In early April, global resources company BHP, together with German shipper Oldendorff Carriers and Dutch biofuel firm GoodFuels, with the support of the Maritime and Port Authority of Singapore, conducted the first marine biofuel trial involving an ocean-going vessel bunkered in Singapore.
The advanced biofuel reduces CO2 emissions by 80%-90% well-to-exhaust compared with heavy fuel oil/very low sulfur fuel oil and uses sustainable waste and residue streams as feedstock, BHP said in April.
According to Platts Analytics, there have been nearly a dozen vessel trials on marine biofuels, or bio-bunkers, in 2019, in the run-up to the IMO’s global low sulfur mandate.
The Port of Rotterdam has been the epicenter of these tests primarily due to the presence of GoodFuels, that produces both biofuel oil MR1 100 and bio-distillate MD1-100.
Platts Analytics has forecast that marine biofuel volumes will likely increase as other producers such as Shell, ExxonMobil, and TFG Marine look to supply their respective marine biofuels to shippers seeking low sulfur fuels.
Meanwhile, the International Energy Agency in a May report said that ammonia and hydrogen were set to be the main marine fuels if the net-zero aim is achieved in 2050, accounting for about 60% of the market, with ammonia set to power 45% of ships in a net-zero 2050.
Although 2050 is still some decades away, inaction will entail great risks.
Furthermore, choosing a winner from among the various emerging alternative fuels is not an easy task as each comes with its own advantages and limitations.
Ammonia, for one, is a global commodity available at hundreds of ports, but it may be hazardous. Its immediate adoption is hampered by its source and the future cost of green ammonia.
Fuel flexibility is also key, particularly for newbuilds. It is advantageous for ships to have dual-fuel solutions so as to minimize the possibility of being stranded in the distant future.
A significant amount of work is also required to develop the right infrastructure and supply capability to ensure that these zero-carbon fuels are safe, efficient, scalable, and commercially viable.
While companies are eager to use low carbon fuels when they become available for sustainable shipping, the scrubber technology remains a key component to meeting the 2030 milestone, Platts Analytics said in August.
The current scrubber fleet stands at about 4,500, but should clean, alternative fuels fail to achieve adequate penetration by 2030, this number could jump to close to 7,000, it estimated.
Harnessing LNG as a marine fuel
Hapag Lloyd and CMA CGM are among global shipping companies championing the use of LNG as a marine fuel by putting in orders for LNG-powered ships.
In Asia, AET, a subsidiary of MISC Berhad, remains committed to using LNG as a marine fuel, while Japan’s Mitsui O.S.K. Lines also plans to launch 90 LNG-fueled ships by 2030.
“Shipowners are already moving and will continue to move from the current fossil natural gas to first Bio and then synthetic LNG,” Peter Keller, chairman of SEA-LNG told Platts.
Also, LNG’s transition pathway to carbon-neutral shipping services, using Bio-LNG and synthetic LNG, is clear and well defined, SEA-LNG said.
CMA CGM recently said its Containerships Aurora, a 1,400 TEU LNG-powered vessel, was bunkered by Shell with a nearly 10% blend of low carbon Bio-LNG while calling at Rotterdam. The vessel received around 483 cum of LNG, 44 cu m of which were Bio-LNG.
Although strides are being made, many in the industry continue to consider LNG as a transition, or a bridging fuel, for shipping’s decarbonization. However, it is unclear how long this transition will last, thereby risking the possibility of underestimating the importance of a solution that is currently able to provide significant emission reductions.
Although LNG has been criticized for its contribution to methane slips, engines are being developed to address this issue. LNG’s viability is proven on a well-to-wake basis, and depending on the technology employed, is capable of reducing GHG emissions by about 23% compared with standard conventional fuels, an independent study commissioned by industry coalitions, SEA-LNG and SGMF, stated.
This bolsters LNG’s promise for bunkering despite a recent World Bank report, which noted that the Initial IMO GHG Strategy and the IMO’s climate targets are not consistent with large-scale use of LNG as a bunker fuel in the long term.
Carbon tax, offsets - Are they enough?
Some industry players have proposed a carbon tax on ship fuel of at least $450/mt fuel, or $150/mt CO2, to bridge the gap between fossil fuels and costly green alternatives.
Earlier this year, shipping bodies such as BIMCO submitted a proposal to the IMO, calling to bring forward discussions on carbon tax by several years.
However, for a pricing signal to work, there must be viable alternatives to fossil fuels, which does not exist as yet for large ships.
As such, submissions on market-based measures have been invited at MEPC 77 after inconclusive discussions on a bunker fuel carbon tax at MEPC 76.
As far as carbon offsets are concerned, Minerva Bunkering has already introduced such offsets, which have been certified by international standard bodies. In July, KPI OceanConnect, another prominent bunker player, said it had successfully completed its first carbon offset transaction with a seismic research shipowner, and was advancing plans to advise other clients on how to obtain carbon-neutral fuel supplies.
Vitol Bunkers is also offering carbon offsets to its customers and there are many similar undertakings as the pace of international climate legislation picks up.
“I believe that in order to reach ambitious targets, you need to consider ambitious tools and take ambitious measures,” Carsten Ladekjaer, CEO Glander International Bunkering told Platts. A carbon credit offset system could play its part in such measures, but it will not lead to full decarbonization, he added.
Moreover, not all carbon pricing measures are equal, cautioned Gilles Dufranse, policy officer at Carbon Market Watch, a not-forprofit association registered in Belgium, with expertise in carbon pricing.
Offsets, by definition, seek to set the lowest possible carbon price because they allow an industry to pay for cheap reductions elsewhere, instead of addressing their own emissions.
In a sector where there are existing abatement options — lowering speed of ships, adopting alternative fuels — relying on offsets to decarbonize is not enough. A union between legislation and market-based measures, which are clearly and consistently defined, is required to achieve concerted results.
A global cooperation between various maritime stakeholders — shipowners, shipyards, engine manufacturers, fuel producers and distributors, classification societies, charterers, port authorities — is also imperative.
In Asia, Singapore, the world’s largest bunkering port, is promoting cleaner fuel initiatives with the establishment of a Global Centre for Maritime Decarbonization, the latest feather in its cap. The center set up with a S$120 million ($88.7 million) fund from the Maritime and Port Authority of Singapore, along with six founding partners, will spearhead the maritime industry’s energy transition journey.
Other Asian ports such as Japan, China and South Korea are also boosting cleaner fuel options, including LNG.
Also critical to this transition are banks and financiers. The Poseidon Principles, meant to enable financial institutions to align their financial portfolios with responsible environmental behavior, and the Sea Cargo Charter, a framework for assessing and disclosing the climate alignment of ship chartering activities around the globe, are welcome developments. However, their benefits will take some time to unravel fully, especially since they are voluntary initiatives.
The maritime industry has usually responded well to incremental changes rather than a cataclysmic one. But given the urgency to decarbonize, the industry will have to step up its sustainability game.
Shipping will undoubtedly have to play a vital role in stemming climate change, amid the approaching storm of regulations.
A storm can unleash a force so strong as to push us forward when calm seas won’t to do so, and the successful implementation of IMO 2020 is a testament to that.
But time is of utmost essence in shipping’s decarbonization journey because change will not transpire overnight.
As William Shakespeare had once said: “Better three hours too soon than a minute too late.”
An earlier version of this piece appeared in the special report Igniting the Spark of Energy Transition
S&P Global Platts Insight magazine showcases our pricing, news and analytics across global energy and commodities markets. It is distributed freely to delegates at our premium events and circulated to a wider community of interest.
Promoting Fujairah storage data
Platts Fujiarah Oil Inventory Dashboard
Since the launch of the Fujairah Oil Inventory Dashboard in January 2017, the number of unique viewers to the website has stabilized at an average of 140 to 170 per week. In addition, many of these unique visitors are returning on a weekly basis, indicating that the Fujairah Inventory data has established itself as a valuable source of market information. The heat map shows the home countries of visitors to the Fujairah Oil Inventory Dashboard during the past six months underlining the global interest.
We have continued to raise awareness of Fujairah and its Storage Data through PR, social media, advertising, events and conversations with our channel partners.
Our public relations partner Gulf Intelligence has maintained regional focus and presence, with some of the online and offline coverage featured:
Social Media Clippings in Q2 2020
Fujairah Storage Data Weekly Infographs 2020 & 2021
*MEET THE TEAM*
S&P Global Platts
based in Dubai
MEET THE TEAM
S&P Global Platts Middle East based in Dubai
Commercial Director & Regional Head,
Peter Galbraith is Commercial Director and Regional Head Middle East for S&P Global Platts. Peter joined S&P Global Platts in April 2017 and is responsible for leading regional initiatives as well as the growth of the Middle East S&P Global Platts business. Peter has more than 19 years experience in commodities, global banking and financial services across Europe, Middle East, Africa and Australia. Prior to SP Global Platts Peter held commodity sales roles at Thomson Reuters and FIS before joining SP Global Platts. Peter holds a BA Commerce degree from University of Wollongong and a Diploma of Financial Planning from Deakin University.
Analytics Sales Director for the Middle East and Africa
Claire Godard is Analytics Sales Director for the Middle East and Africa. Claire joined S&P Global Platts in April 2017 and is responsible for selling Platts’ energy markets analytics solutions across the Middle East and Africa. Claire has over 25 years of energy market experience having most recently spent 4 years at a start-up company in the analytics space. Prior to that she worked in both Paris, France and London, UK, in the trading divisions of investment banks including Goldman Sachs as well as the oil major, BP, where she advised EMEA corporates on their energy price risk management strategies. Claire holds a BA in European Studies with French and Italian from the University of Bath.
Market Engagement Manager
Dan Colover acts as an ambassador for a diverse group of Middle East energy market participants, including those in the oil, refined product, LNG , and petrochemicals markets.
Dan joined S&P Global Platts in 2008, covering oil markets for S&P Global Platts out of London. In 2013, he transferred to Singapore where he took on an oil management role, and then moved into a role serving as S&P Global Platts market engagement development lead for oil in the region. In 2016 Dan was appointed as Associate Editorial Director for crude and fuel oil markets in the Asia region.
Commercial Manager Platts
Ezzat Eid is a Commercial Manager and joined S&P Global Platts in August 2017. Based in Dubai, Ezzat is responsible for the retention and growth of Platts clients in the region.
Prior to that, Ezzat started his career at Thomson Reuters, where he held a number of roles over 7 years, including Sales Specialist - Asset and Investment Management, solely responsible for Large Financial Institutions and Strategic entities. Ezzat holds an MSc in Fluid Power Systems from the University of Bath, UK and a BEng Mechanical and Automotive Engineering from The University of Birmingham, UK.
Jamila Al Ibrahim
Client Development Manager, Middle East
Jamila Al Ibrahim is the Client Development Manager,Middle East for S&P Global Platts in Dubai.Jamila joined Platts in April 2016 as associate Editorial Operations Analyst in London, before progressing the same year to the role of Associate Editor for the Dry Bulk Shipping desk, covering pricing and news for the Atlantic markets.She then held the role of Editor for the European and Turkish Ferrous Metals markets in 2018,while the following year she joined the EMEA Power team as a Managing Editor, covering Energy Transition, Renewables, Guarantees of Origins and Hydrogen news and pricing. Prior to joining S&P Global Platts, Jamila held the role of Research Manager for Banking System Profiles at Moody’s Investors Services in London.
Commercial Manager Platts
Damien is a Commercial Manager and joined S&P Global Platts in 2013 in S&P Global London’s headquarter. Based in Dubai since early 2015, Damien is responsible for the retention and growth of strategic and regional accounts in the Middle East. Damien has more than 11 years of experience in Commodities, Economic data and consulting services within Europe, Middle East and Africa. Prior to S&P Global Platts, Damien held Senior Business development roles at CEB now Gartner and Financial Times Business. Damien holds an advanced Master in Marketing & Management from ESSEC business School and a Master in Business Management from ESC Amiens Business school of Management.
Commercial Manager Platts
Suad Bashe is a Commercial Manager and joined S&P Global Platts in 2016. Based in Dubai, Suad is responsible for developing relationships as well as retaining and growing accounts across the Middle East. Suad has over 12 years of experience in customer relationship management and sales within the Financial and Commodity sectors in Europe and the Middle East. Prior to S&P Global Platts, Suad held a number of roles at Thomson Reuters and FactSet.
Suad holds an MSc in Information Systems Management and a BSc in Information Technology in Enterprise Systems from Brunel University London, UK.
Managing Editor, OPEC and Middle East
Herman Wang is a London-based managing editor, OPEC and Middle East news, for S&P Global Platts. He covers OPEC’s semi-annual ministerial meetings in Vienna, and oversees Platts’ reporting on the Middle East, managing a team of Platts editors in Dubai and a network of correspondents throughout the region. He also serves as the principal editor for Platts’ closely followed monthly OPEC production survey. Herman previously was based in Washington, D.C., as a senior editor for Platts, covering U.S. energy policy. He was a co-creator and co-host of Platts Capitol Crude, The U.S. Oil Policy Podcast, which won the 2015 Jesse H. Neal Award for best webcast. Herman is a Northwestern University alum and worked for daily newspapers in Tennessee, North Carolina and Pennsylvania before joining Platts in 2009.
Associate Editor for Oil Pricing,
Middle East & Africa
Tahani Karrar is the Oil Pricing Associate Editor for the Middle East and Africa region at S&P Global Platts. Tahani joined S&P Global Platts in May 2019 and is responsible for oil pricing coverage including MEA market data, insights and pioneering benchmark methodology for the region.
Tahani has more than 14 years’ experience in geopolitics, technology and financial services spanning Europe, Asia, the Middle East and Africa. Prior to SP Global Platts Tahani held editorial roles at Google, Thomson Reuters and The Wall Street Journal. Tahani holds a MEng Biochemical Engineering degree from University College London and speaks fluent Arabic.
S&P Global is committed to equal opportunity employment
S&P Global Platts is proud to be working with the Fujairah Oil Industry Zone, bringing transparency through weekly oil inventory data.
We have a dedicated Channel Partners team, consulting with key alliance partners to help them understand the value of the Fujairah Oil Inventory Storage Data to their subscribers. We also work with other major distributors to ensure the same level of customer service.
spglobal.com/platts | email@example.com
For more information, please contact the Platts office nearest you:
2 Penn Plaza, 25th Floor
New York, NY 10121-2298, USA
P: +1-800-PLATTS8 (toll-free)
P: +1-212-904-3070 (direct)
225 Franklin Street, 14th Floor
Boston, MA 02110, USA
1800 Larimer Street, Suite 2000
Denver, CO 80202, USA
148 Princeton-Hightstown Road
Hightstown, NJ 80021, USA
P: +1-800-PLATTS8 (toll-free)
1111 Bagby Street, Suite 2200
Houston, TX 77002, USA
P: +1-800-PLATTS8 (toll-free)
424 South 27th Street, Suite 306
Pittsburgh, PA 15203, USA
1200 G Street NW, Suite 1000
Washington, DC 20005, USA
Tte. Gral. Juan D. Perón 346, 6th Floor
(C1038AAH) Buenos Aires, Argentina
Av Brigadeiro Faria Lima
201 21st Floor
São Paulo – SP Brasil – 05626-100 – Brazil
EUROPE, MIDDLE EAST AND AFRICA
20 Canada Square
9th Floor, Canary Wharf
London E14 5LH, UK
DIFC, The Gate Precinct
Building 1, Level 05
P.O. Box 506650
4/7 Vozdvizhenka Street
Building 2, 7th Floor, 125009
Øvre Holmegate 1
12 Marina Boulevard #23-01
Marina Bay, Financial Centre Tower 3
Suite 1601, 16/F Tower D
A6 Jianguo Menwai Avenue,
Beijing 100022, China
Unit 6901, Level 69,
International Commerce Centre
1 Austin Road West, Kowloon, Hong Kong
33/F Shanghai Plaza
138 Huaihai Road (M)
Shanghai 200021, China
Building, 28th Floor
Tokyo 100-0005, Japan
Level 45, 120 Collins Street
VIC 3000, Australia