Fuel oil inventories at the UAE's Port of Fujairah averaged 14% higher in September than in August, with heavy distillate and residual stocks climbing 565,000 barrels to 4.50 million barrels, according to Fujairah Oil Industry Zone (FOIZ) and S&P Global data.

How did Fujairah's stocks rebuild?

Heavy distillate and residual stocks added 565,000 barrels month-on-month to reach 4.50 million barrels. Middle distillate inventories rose 879,000 barrels to 2.42 million barrels, averaging 57% above August levels and the highest monthly figure since February.

Combined fuel oil inventories at the port averaged their strongest level since July, when total stocks stood at 5.54 million barrels. August had bottomed at 3.93 million barrels before September's rebuild delivered the sharpest sequential gain so far this year and signalled a deliberate refilling cycle rather than passive accumulation.

What shifted in import and export flows?

Fuel oil imports into Fujairah jumped to 133,000 barrels per day in September from just 30,000 b/d in August, cargo tracker Vortexa figures show. Russia supplied 34% of those barrels, followed by Nigeria (21%), Bahrain (15%) and Saudi Arabia (12%).

Exports climbed 51,000 b/d to 357,000 b/d. Singapore absorbed 34% of the outbound cargo, with Pakistan (16%) and Malaysia (11%) the next largest destinations. Outflows continued to outpace inflows by roughly 224,000 b/d, keeping Fujairah firmly in the net fuel oil exporter column and reinforcing its role as a regional redistribution hub.

Why does bunker supply remain tight?

For shipowners calling at Fujairah for bunkers, the headline inventory build has done little to ease operational pressure. "Bunker supply in Fujairah remains severely restricted as US-Iran tensions continue to disrupt vessel traffic through the Strait of Hormuz," a regional source told ENGINE.

"Availability of all major grades is extremely limited," the source added, noting that "heightened uncertainty across the region continues to weigh on fuel oil arrivals." The gap between rebuilding stocks and constrained bunker availability points to delivery and scheduling bottlenecks rather than a true supply glut, with traders apparently holding barrels against expected winter demand rather than releasing them into the spot bunker market.

What does this mean for shippers and charterers?

For container lines and bulk carriers transiting the Strait of Hormuz, the combination of restricted bunker grades and rising inventories complicates voyage planning. Carriers may face longer detours or premium-priced stems at Fujairah as all major grades remain rationed.

The inventory gains suggest Fujairah has secured cargoes ahead of expected Q4 demand, but bunker-fuel buyers should expect continued rationing and premium pricing across all major grades until Hormuz transits stabilise. Any sustained fall in Russian or Nigerian inflows would force traders to draw down inventories, exposing Fujairah's bunker market to renewed price spikes if Hormuz routing remains contested through the winter.