Singapore bunker sales slip in April

Sales of marine fuels at Singapore port in April hit a 16-month low of 3.71mn t compared with 4.09mn t in March and down by 521,000t from a year earlier.

This was the fourth consecutive month of weaker bunker sales compared with a year earlier. Sales during January-April were down by 1.36mn t compared with the same period in 2018, according to provisional data from Singapore's Maritime and Port Authority (MPA).

Demand for bunkers is weak across global ports, said market participants, amid slowing global economic growth and the continuing trade war between the US and China. US sanctions on Iran and Venezuela also affected crude trade volumes that hit bunker demand, according to a shipowner. Some container vessels have started to clean out to some of their tanks that cut into orders for the 380cst high-sulphur fuel oil (HSFO) grade, according to one trader.

Argus reported an average of 27 bunker deals each day in April, up from 19.5 in March.

Consumption of 380cst HSFO, which makes up the bulk of total sales, fell to 2.61mn t in April compared with a year earlier and down by 11.5pc from 2.95mn t in March. Sales of the higher viscosity 500cst HSFO fell to 692,000t in April from 738,000t the previous month.

Demand for low-sulphur marine gasoil (LSMGO) also fell in April to 197,000t, marking the lowest monthly total this year. Demand for LSMGO averaged 128,000 t/month last year.

Singapore's delivered 380cst HSFO prices averaged $429/t in April, up from $428/t in March, data collected by Argus showed.

An estimated 3,290 vessels called at Singapore to refuel in April, down from 3,320 the previous month, according to MPA statistics.