Marine fuel sales in Singapore, the world’s largest bunker hub, showed a significant recovery in March after falling to a 20-month low in February, according to official data released on Monday.
Total sales for March reached 4.47 million metric tons, marking a 7.8% increase from February and a modest 0.5% rise compared to the same month last year. The data from the Maritime and Port Authority of Singapore (MPA) highlighted a positive shift in sales, driven by a recovery in vessel calls, container throughput, and strong sales of low-sulfur marine fuel.
Vessel calls for bunkering saw a 14.5% rebound, reaching 3,522 calls, while container throughput surged by 12.6% to 3.74 million 20-foot equivalent units (TEUs), hitting multi-year highs.
Sales of the key 0.5% low-sulfur fuel oil (VLSFO) grade rose 12.9% to 2.33 million tons in March. According to market sources, aggressive selling tactics contributed to lower bunker premiums and boosted spot purchases.
Sales of high-sulfur marine fuel (MFO) remained stable at 1.62 million tons, while marine gasoil sales increased by 6.0%, reaching 333,600 tons.
Alternative fuel sales also saw growth, with marine biofuel reaching a new high, surpassing 145,000 tons. Additionally, liquefied natural gas sales rose month-on-month.
In related news, last week, countries at the International Maritime Organization (IMO) reached an agreement on a global fuel emissions standard for the maritime sector. Under the new rules, ships that exceed emissions limits will face fees, while vessels using cleaner fuels will be rewarded.
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