Singapore bunker sales fall in February

Marine fuel sales in Singapore port totalled 3.78mn t in February compared with 4.2mn t the previous month and down by 356,000t from a year earlier.

Bunker sales fell amid the lunar new year holidays, February being a shorter month and general weak demand at the port. Argus reported an average of 17 bunker deals in February, down from 21 in January, in a reflection of the reduced activity.

Consumption of 380cst high-sulphur fuel oil (HSFO), which makes up the bulk of total sales, fell to 2.71mn t in February and down by 7pc from 2.92mn t in February 2018, according to provisional data from Singapore's Maritime and Port Authority (MPA). Sales of the higher viscosity 500cst HSFO dropped below 700,000t in February for the first time in at least a year to 664,000t from 796,000t the previous month. The 500cst grade discount versus the 380cst grade has remained narrow at $2-3/t compared with the more usual $5-6/t, which depressed demand for the higher viscosity fuel.

Demand for low-sulphur marine gasoil (LSMGO) remained firm in February at 217,000t. It was the second straight month that sales of the grade rose above 200,000t. Monthly demand for LSMGO averaged 128,000t in 2018.

Singapore's delivered 380cst HSFO prices averaged $420/t in February, up from $391/t in January, data collected by Argus showed.

An estimated 3,180 vessels called at Singapore to refuel in February, down by 366 from the previous month. This was the lowest total in five months, according to MPA data.