Singapore Bunker Sales Hit 22-month High

By Jeslyn Lerh
Tuesday, December 13, 2022

Marine fuel sales at Singapore jumped to a 22-month high in November, latest official data showed on Tueday, as lower prices lifted buying interest at the world's largest bunkering hub.

November bunker sales totalled 4.37 million tonnes, climbing 3% month-on-month and up 4% year-on-year, data from Singapore's Maritime and Port Authority showed.

The higher sales came despite lower vessel arrivals for bunkering at Singapore, which dipped dipped by 4% month-on-month at 3,299 vessel calls, although edged higher by 3% year-on-year.          

Marine fuel prices fell month-on-month in November and this had incentivised some shippers to agree deals for bigger-volume stems, bunker fuel traders said.

"Lower cargo prices might have incentivised some bigger purchases for storage as inventory on the ships' tanks," said a bunkering manager who trades in the Singapore marine fuel market.  

Total sales of low-sulphur marine fuel oil at Singapore gained 6% from the previous month to 2.75 million tonnes, even as total sales of high-sulphur marine fuel oil dipped 5% to 1.25 million tonnes in November.

"Vessels without scrubbers opportunistically increased bunker purchase volumes in the last month due to lower delivered prices," said Ivan Mathews, head of FGE's Asia Refining and Global Fuel Oil Service.  

He added that low-sulphur marine fuel sales could extend its climb this month as prices at Singapore also appeared to be more competitive, compared to other regional ports like Zhoushan.

Bunker fuel prices for 0.5% low-sulphur fuel oil on a delivered basis have trended lower in November after upstream crude oil prices fell.

(Data from Maritime and Port Authority of Singapore)  

(Reuter - Reporting by Jeslyn Lerh; Editing by Louise Heavens)

Categories: Asia Bunkering Singapore

Related Stories

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

CNOOC Brings New Offshore Gas Field On Stream

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

China Starts Production at Major Oil Field in Bohai Sea

China Rolls Out 17MW Floating Wind Turbine Prototype

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

EnQuest Acquires Harbour Energy’s Vietnamese Assets

Woodside Finds South Korean Partners to Advance LNG Value Chain

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Current News

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com