Singapore bunker fuel sales up 8.5%

Singapore marine bunker fuel sales rose by 8.5 per cent to 27.2 million metric tons, up from 25.1 million tons the previous year in the first half of 2024, driven by global bunkering demand due to Red Sea shipping disruptions, according to Singapore’s Maritime and Port Authority (MPA).

Conventional fuel sales, including residual fuel oils and marine gas oils, increased by 7.5 per cent to 26.7 million tons. The global rise in bunkering demand resulted from longer voyages and increased refueling at key hubs.

Sales of marine biofuel blends in Singapore surged by 48.7 per cent to 288,000 tons. Ivan Mathews from consultancy FGE noted that larger vessels from Asia to Europe are boosting biofuel demand due to zero-emission incentives under the EU emissions trading system (ETS). Liquefied natural gas (LNG) sales soared to 212,000 tons, more than quadrupling from last year.

Moreover, container shipping volumes hit 20.25 million TEUs, a 6.4 per cent increase from last year. Despite reduced congestion levels in Southeast Asia, berthing delays in Singapore persisted up to three days, causing some vessels to bypass Singapore, leading to a slowdown in bunker sales.

June bunker sales dropped by 11.4 per cent from May to 4.27 million tons, and container throughput decreased by 5.1 per cent to 3.35 million TEUs. The slowdown was also influenced by diversions to China’s Zhoushan, which offered lower fuel prices.

Attribution: Reuters citing MPA