Singapore Marine Bunker Fuel Sales Drop to Two-Month Low in November

Marine bunker fuel sales in Singapore declined in November, dropping to a two-month low after a significant increase in October. Data from the Maritime and Port Authority of Singapore (MPA) revealed that bunker sales at the world’s largest ship refueling hub totaled 4.46 million metric tons in November, marking an 8.5% decrease from the previous month but a 4.6% increase from the previous year. Total vessel calls for bunkering also decreased by 4.5% to 3,296 in November, while container throughput dipped by 4.7% to 3.34 million twenty-foot equivalent units (TEUs).

Volumes for low-sulfur fuel oil in November totaled 2.4 million tons, a 4.6% decrease from October, while volumes for high-sulfur marine fuel decreased by 13.1% to 1.58 million tons after reaching multi-year highs in October. Spot demand remained weak in November, with bunker premiums falling to five-month lows and aggressive daily offers observed in the market. Marine gasoil sales also softened, totaling 338,300 tons for November, while marine biofuel sales decreased but remained above 100,000 tons, a strong volume according to market participants.

Deliveries of marine biofuel have increased this quarter, with major liners like CMA CGM lifting significant volumes and in talks for a larger biofuel bunker contract next year. Bunker volumes for liquefied natural gas (LNG) fell by 45.6% in November to 27,500 tons, but market participants anticipate a pickup in volumes next year. The MPA has initiated an expression of interest to gather proposals for expanding LNG for bunkering or ship refueling, signaling potential growth in this sector.

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