A collapse in the volumes of high sulphur fuel oil (HSFO) flowing from West to East – a trend which emerged from the second quarter of 2019.
Trade in low sulphur fuel oil (LSFO) then gradually began to rise from Q2 2019 as traders/suppliers sought to gradually build stocks ahead of 2020. However, total volumes (irrespective of sulphur content) have not recovered to the levels seen in 2018.