Marine fuel sales in Singapore, the world’s largest bunker hub, improved in March after hitting a 20-month low in February, official data showed.

Volumes totalled 4.47 million metric tons, climbing 7.8% month-on-month and inching up 0.5% year on year, data from Maritime and Port Authority of Singapore (MPA) showed.

Sales improved amid a recovery in vessel calls and container throughput, as well as aggressive selling of low-sulphur marine fuel.

Vessel calls for bunkering rebounded 14.5% at 3,522 calls, while monthly container throughput hit multi-year highs, climbing 12.6% to 3.74 million 20-foot equivalent units (TEUs).

Sales of the mainstay 0.5% low-sulphur fuel oil (VLSFO) grade rose 12.9% to 2.33 million tons in March. Aggressive selling had pressured bunker premiums and spurred more spot purchases, some market sources said.
Meanwhile, high-sulphur marine fuel (MFO) volumes were broadly stable at 1.62 million tons, while total marine gasoil sales gained 6.0% to 333,600 tons.

Sales of alternative fuels strengthened, with marine biofuel volumes logging a fresh high and breaching 145,000 tons, while liquefied natural gas sales were also higher month-on-month.

Countries at the International Maritime Organization struck a deal last week on a global fuel emissions standard for the maritime sector that will impose an emissions fee on ships that breach it and reward vessels burning cleaner fuels.
Source: Reuters