维托尔亚洲负责人基兰·加拉格尔表示，霍尔木兹海峡周边地区的敌对行动恢复正在支撑高硫燃料油（HSFO）溢价，因为中东和俄罗斯的出口减少导致供应紧张，而船用燃料需求依然强劲。
A resumption of hostilities around the Strait of Hormuz is supporting high-sulphur fuel oil (HSFO) premiums as supplies remain tight on lower exports from the Middle East and Russia while bunker demand stays robust, Vitol's Asia head said.
加拉格尔在本周的新加坡国际船用燃料会议（SIBCON）上表示，自2月份以来，经过霍尔木兹海峡的HSFO流量（包括伊朗供应）仍比去年同期下降至少80万公吨/月。
HSFO flows through Hormuz, including Iranian supplies, remain down by at least 800,000 metric tons per month from February, Kieran Gallagher said at the Singapore International Bunker conference (SIBCON) this week.
克普勒（Kpler）数据显示，2025年1月至2026年2月期间，经过霍尔木兹海峡的出口平均约为370万吨/月。
Exports via Hormuz averaged about 3.7 million tons a month between January 2025 and February 2026, Kpler data showed.
虽然该数据较5月份损失的200万吨有所改善，但加拉格尔补充称，对俄罗斯炼油厂的袭击导致燃料油额外月度损失估计增加了100万吨。
While the volume improves on the 2 million tons loss in May, attacks on Russian refineries have led to an additional estimated monthly loss of 1 million tons of fuel oil, he added.
LSEG数据显示，本周380厘斯托克（cst）HSFO的现货溢价徘徊在每吨约50美元，而2月27日的溢价为5.10美元/吨。
Spot premiums for 380-cst HSFO hovered near $50 a ton this week versus a $5.10 premium on February 27, LSEG data showed.
加拉格尔表示：“生产商正在支付更高的运费和更多的风险溢价，以将货物从霍尔木兹海峡运出，他们认识到石油收入对其国家预算的重要性。”
"Producers are paying higher freight rates and more risk premiums to shuttle cargoes out of Hormuz, recognising the importance of oil revenues to their national budgets," Gallagher said.
然而，他补充称，对航运和油气基础设施的袭击仍构成威胁，使得市场目前认为可获得的供应面临风险。
However, attacks on shipping and oil infrastructure remain a threat, putting at risk supplies that the market currently assumes will be available, he added.
加拉格尔还说，一些北亚炼油厂已转而在其升级单元中处理燃料油，而非原油，在最近沙特阿拉伯通过红海的原油出口受阻后，11月份吸收了超过100万吨的HSFO。他补充道：“关键在于用原油替代燃料油作为炼厂原料。”
Some North Asian refiners have switched to processing fuel oil at their upgrading units instead of crude, drawing more than 1 million tons of HSFO for November, after recent disruptions to Saudi Arabia's crude exports from the Red Sea, Gallagher said. "The key lies in replacing fuel oil with crude as a refinery feedstock," he added.
相比之下，他表示，低硫燃料油市场状况更为良好，并指出中国出口增加以及尼日利亚丹格特炼油厂的出口情况——该炼油厂每月出口两到三艘苏伊士max级油轮规模的货物。
By contrast, conditions in the low-sulphur fuel oil market are more benign, he said, pointing to higher exports from China and Nigeria's Dangote refinery, which is exporting two to three Suezmax-sized cargoes a month.
为应对中东地区的动荡，维托尔公司于7月开始在巴基斯坦瓜达尔港进行加油业务，为阿拉伯联合酋长国的富查伊拉提供替代选择。富查伊拉位于霍尔木兹海峡外侧，可为在海湾地区作业的客户提供服务。
In response to the Middle East disruption, Vitol began bunkering at Pakistan's Gwadar Port in July, offering an alternative to United Arab Emirates' Fujairah, which lies just outside the Strait of Hormuz, to serve customers operating in the Gulf region.
作为全球最大的独立石油贸易商，维托尔每年向船舶供应约1500万吨船用燃料，同时也在多元化其可供应的燃料种类。
The world's largest independent oil trader, Vitol delivers about 15 million tons of bunker fuel per year and is also diversifying the types of fuels it can supply to shippers.
维托尔公司预计将在未来几周内开始在新加坡交付液化天然气，加拉格尔还表示，公司也渴望探索供应生物液化天然气的机会。
Vitol expects to start liquefied natural gas deliveries in Singapore in coming weeks and is also keen to explore opportunities to supply bio-LNG, Gallagher said.
维托尔公司预计将在11月收到一艘液化天然气加油船，明年再收到两艘。
Vitol expects to receive an LNG bunker vessel in November and two more next year.
新加坡海事及港口管理局周三公布的数据显示，2026年1月至9月，新加坡的液化天然气加油销售量达到487100吨，较去年同期增长超过21%。“尽管面临严峻形势，这一增长势头仍在持续，”加拉格尔说。
Singapore's January-to-September 2026 LNG bunker sales totalled 487,100 tons, up more than 21% from a year earlier, data from the Maritime and Port Authority of Singapore showed Wednesday. "That growth has continued against a challenging backdrop," Gallagher said.