Singapore bunker sales remain weak

Marine fuels at Singapore port edged up to 4.09mn t in March from 3.78mn t in February but were down by 78,000t from a year earlier, provisional data from Singapore's Maritime and Port Authority (MPA) show.

This is the third consecutive month in which bunker sales have declined year on year. First-quarter 2019 sales were 12.071mn t, down by 839,000t or 6.5pc from year-earlier levels.

Sales were slow in the first half of March, suggesting the monthly total could even have fallen below 4mn t, one market participant said. Argus reported an average of 19 bunker deals a day in March, only slightly higher than 17½ deals a day in February, when activity is muted because of the lunar new year holidays.

Consumption of 380cst high-sulphur fuel oil (HSFO), which makes up the bulk of total sales, was 2.95mn t in March, up by 9.1pc from 2.71mn t in February. Sales of the higher-viscosity 500cst HSFO increased to 738,000t from 664,000t over the same period.

Demand for low-sulphur marine gasoil (LSMGO) edged down in March to 209,000t, the lowest total so far this year. But sales remain strong compared to average monthly levels of 128,000t in 2018.

Singapore's delivered 380cst HSFO prices averaged $428/t in March, up from $420/t in February, data collected by Argus showed.

An estimated 3,320 vessels called at Singapore to refuel in March, up from 3,180 during the previous month, according to MPA statistics.