Marine fuel sales in Singapore, the world’s largest bunker hub, reached a new high in 2024, driven by record container throughput and increased deliveries of alternative marine fuels. According to data from the Maritime and Port Authority of Singapore (MPA), sales totaled 54.92 million metric tons, surpassing the previous record of 51.82 million tons in 2023. Container throughput also reached new highs at 41.12 million twenty-foot equivalent units (TEUs), while annual vessel arrival tonnage grew to a record 3.11 billion gross tons (GT).
The increase in bunker volumes in 2024 was attributed to shifting refueling patterns in the Red Sea due to shipping tensions, as well as a rise in demand for alternative fuels to support emission reductions. High-sulfur marine fuel sales saw a significant uptick, totaling 20.15 million tons, up 21% from 2023. This increase was driven by a higher number of vessels fitted with scrubbers. In contrast, sales of low-sulfur fuel decreased by 4% year-on-year to 29.58 million tons.
Additionally, sales of alternative bunker fuels exceeded one million tons for the first time, reaching 1.34 million tons in 2024, double the amount from 2023. Sales of biofuel blends grew to about 880,000 tons, a 69% increase from the previous year, while sales of liquefied natural gas for bunkering rose to over 460,000 tons, more than quadrupling. These trends indicate a growing shift towards cleaner and more sustainable fuel options in the maritime industry.
