This announcement raised concerns in the current bearish Asian market.

"All cruise sailings are suspended but we do carry passengers (essential travel) on most routes in and out from Scandinavia," a spokesman said.

South Korea is seeing a diversion of demand to its ports on attractive Marine Fuel 0.5% prices.

The US market is looking to export 0.5%S marine fuel due to a supply overhang, though sources said an arbitrage that was once open has become more difficult due to rising freight rates.

The United States could face a dire crude oil storage crunch in the coming weeks and months, with more than half of the nation's commercial crude capacity currently filled and volumes rapidly rising.

Danish container line Maersk is offering customers the opportunity to slow down their supply chains as demand for goods drops off due to coronavirus lockdowns and as warehouses fill up.

IFO 380 bunker fuel prices edged lower Tuesday, dropping to new four-year lows as ICE Brent futures slipped once again.