Singapore Marine Fuel Prices Surge Amid Tight Supply and High Demand

Spot premiums for 380-cst high-sulphur marine fuel in Singapore have surged due to tight supply for prompt deliveries, leading to high refuelling costs for vessels in the region. Delivery dates in the first half of October are commanding premiums of over $60 per metric ton, the highest in 2024 so far for a delivered pricing basis. Offers for dates in the second half of October range between $25 to $35 per metric ton, with prompt dates reaching even higher levels.

Despite signs of easing high-sulphur fuel oil benchmarks, bunkering premiums remain supported. The first half of October is still slightly tight in supply, with some sellers holding off to sell later. Steady demand for high-sulphur marine fuel in Singapore is reflected in firming bunker volumes for the grade, with September high-sulfur bunker sales forecasted to be higher than August’s volume.

In the low-sulphur market, delivered bunker premiums have also retained support, hovering in a range between $20 to $25 per ton. Overall, the high demand for marine fuel in Singapore, coupled with tight supply and increasing prices, is impacting refuelling costs for vessels and ports in the region.

Source