A picture taken on September 21, 2016 shows the dock for supertankers during its inauguration ceremony at the oil terminal of the emirate of Fujairah. AFP / KARIM SAHIB
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Shippers trying to minimize time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates Fujairah oil hub, trade sources said.A ton of 380-centistoke (cst) high-sulfur fuel oil (HSFO) in Fujairah has slipped from an average $5-$10 premium over Singapore in May to a discount of $30-$70 over the past two weeks, three sources said.Ship insurers have quoted the breach rate for seven days at 0.35 percent from as much as 0.5 percent two weeks ago.The increased bunker demand in Singapore helped push Asian fuel oil market premiums to record highs last week, with suppliers already struggling with tightening stocks.
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