Singapore bunker sales jump 19.5pc in October

Market: Biofuels, Natural gas, Oil products
14/11/24

Bunker fuel demand at the port of Singapore rose by 19.5pc on the month to 4.8mn t in October, supported by stronger enquiries from shipowners.

It takes total bunker consumption at the port to 45.3mn t in the first 10 months of the year, putting Singapore on course to break last year's record high sales of 51.8mn t.

The latest statistics release from the Maritime and Port Authority of Singapore (MPA) show consumption of both conventional and alternative marine fuels rose strongly last month as more ships refuelled in Singapore.

Bio-bunkers and B24 demand hit a new record monthly high of 116,200t, taking the total for January-October to 586,500t. Consumption has already exceeded last year's 518,000t, driven by shipping emissions compliance requirements set by the EU and IMO. Demand for B24 is expected to steadily rise in the coming months ahead of the implementation of the FuelEU regulations from January 2025.

Demand for LNG as a marine fuel at the port of Singapore increased by 37pc from September to 50,600t in October, which was also a new record high for monthly consumption.

"In general, we are seeing bigger enquiries in the last month or so," said a London-based trader.

Sales of very low sulphur fuel oil (VLSFO) in Singapore rose by 11.8pc from September to 2.5mn t last month, while high-sulphur fuel oil (HSFO) consumption jumped by 11pc to 1.8mn t.

By Mahua Chakravarty

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