{"text":[[{"start":11.94,"text":"The growing number of ships seeking refuge from war in the Middle East in the waters around Singapore is beginning to drain its marine fuel supplies, raising concerns about disruption to global shipping."}],[{"start":24.22,"text":"Singapore is the world’s biggest refuelling port, a crucial hub where ships take on the petroleum-based “bunker fuel” used by the industry."}],[{"start":34.41,"text":"The city-state’s reserves of the fuel rose initially following US and Israeli strikes on Iran. But inventories fell to a 10-week low this week, coinciding with increased congestion in the Straits of Singapore and Malacca, key shipping lanes linking Asia and the west."}],[{"start":55.36,"text":"“We have seen rapid bunker price acceleration in Asia, which is impacting Singapore as the world’s largest bunkering hub,” said Dan Nash, associate director at shipping data company Veson Nautical. "}],[{"start":69.15,"text":"“April could be more painful for Singapore as the full impact of the global oil shortage is yet to be realised.”"}],[{"start":77.48,"text":"The war in the Middle East has disrupted global energy flows, reflecting strikes on regional ports and infrastructure as well as Iran’s stranglehold over the Strait of Hormuz, the transit route for a fifth of the world’s oil and gas."}],[{"start":93.62,"text":"Prices for high-sulphur fuel oil, a widely used marine fuel, reached a record on March 9, up 152 per cent from the end of February, according to commodities analyst Argus. They have since eased but remain more than 50 per cent higher than a year earlier."}],[{"start":113.71000000000001,"text":"The price fluctuations have been driven by shipowners using up inventory, said Mahua Mitra, head of bunker fuel pricing at Argus in Singapore."}],[{"start":123.95,"text":"Shipping companies have begun diverting bunker fuel to Asia from other regions in an effort to lessen the impact of price differences."}],[{"start":133.59,"text":"Higher fuel costs in Singapore have prompted many shipowners to delay purchases, while traders have built up stockpiles in anticipation of stronger demand."}],[{"start":146.18,"text":"Singapore’s onshore fuel inventories rose to a high of 24.5mn barrels in late March, but have fallen for the past two weeks to 21.7mn, according to government data."}],[{"start":159.42000000000002,"text":"Over the past three weeks, its fuel imports have dropped from 1.4mn barrels to 625,000, with Brazil becoming the main supplier. Before the outbreak of war, Singapore sourced much of its bunker fuel from the Middle East."}],[{"start":176.82000000000002,"text":"Nash said fuel distributors in Singapore had begun rationing supplies. “Large, longstanding customers of major suppliers such as Shell and BP are being prioritised, while spot buyers and smaller tanker operators face either rejection or steep premiums,” he said."}],[{"start":195.26000000000002,"text":"Congestion around the port of Singapore has increased since the start of the conflict, as shipping lines reroute vessels via the city-state or call there to offload cargo disrupted by the near closure of the Strait of Hormuz."}],[{"start":210.54000000000002,"text":"The average dwell time of ships at the port has increased from about 3.5 days at the outbreak of the war to 5.1 days in the past week, according to freight forwarding company Flexport."}],[{"start":224.67000000000002,"text":"According to Project44, a supply chain technology company, Singapore is the third largest recipient of diverted trade from the Gulf after alternative ports in Saudi Arabia and the United Arab Emirates."}],[{"start":239.51000000000002,"text":"Ports in Europe have been less affected by bunker fuel price increases and shortages, said Boudewijn Siemons, chief executive of the Port of Rotterdam, the second largest bunkering port after Singapore, because “most of the products out of the Strait of Hormuz go east and not west”."}],[{"start":268.22,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776057479_5335.mp3"}