Singapore bunker sales rebound to 4mn t in May

Marine fuel sales at the port of Singapore rebounded to 4mn t in May from 3.71mn t in the previous month, but continued to lag year-earlier levels.

Sales in May were 277,000t lower than in the same month last year, provisional data from Singapore's Maritime and Port Authority (MPA) show. This is the fifth consecutive month that sales have been lower on a year-on-year basis. Bunker sales in the first five months of 2019 have fallen by 1.64mn t or 7.6pc compared to the same period last year.

Global bunker demand has been on a downtrend for the past couple of months. Singapore's May sales were higher than expected in light of this, one trader said.

Argus reported an average of 21 bunker deals a day in May, down from 27 in April.

Consumption of 380cst high-sulphur fuel oil (HSFO) rose to 2.8mn t in May from 2.61mn t in April, the MPA data show. Sales of the higher-viscosity 500cst HSFO grade also rose, to 759,000t in May from 692,000t in the previous month.

Demand for low-sulphur marine gasoil (LSMGO) also trended upwards last month, reaching 212,000t from 197,000t in April.

Singapore's delivered 380cst HSFO prices averaged $411/t in May, down from $429.50/t in April, according to data collected by Argus.

An estimated 3,316 vessels called at Singapore to refuel last month, up from 3,290 vessels in April, according to the MPA statistics.