Singapore Bunker Sales Hit Nine-Month High Amid Rising Demand

In October, sales of marine fuel in Singapore reached a nine-month high, driven by an increase in container throughput and vessel calls for bunkering. Data from the Maritime and Port Authority of Singapore revealed that bunker sales at the world’s largest vessel refueling hub totaled 4.88 million metric tons, marking an 11% increase from both the previous month and the same period last year. Total vessel calls for bunkering also rose by 5.7% to 3,452 in October, while container throughput saw a 6.5% increase to 3.51 million TEUs.

The mainstay low-sulfur fuel grade experienced a significant uptick in volumes, totaling 2.51 million tons in October, an 11% increase from September. Demand for high-sulfur marine fuel also surged to over 1.8 million tons, reaching multi-year highs. This increase in demand can be attributed to more ships with scrubbers coming online and buyers taking advantage of the lower prices compared to low-sulfur bunkers due to a wider price spread in October.

Additionally, marine gasoil sales saw a second consecutive month of growth, rising to 351,300 tons. Biofuel sales maintained strong momentum, reaching a record high of over 139,000 tons in October. The demand for marine biofuel was driven by term lifting from European liners and steady spot demand from northeast Asian shipowners. Furthermore, liquefied natural gas volumes also increased, with monthly sales rising by 37% to 50,600 tons in October.

Source