Marine bunker fuel sales in Singapore maintained strong momentum in August, holding at their highest levels since December 2023, according to official data released on Monday.

Sales at the world’s top vessel refuelling hub totalled 4.97 million metric tons in August, up 1% month-on-month and 8.9% year-on-year, based on data from the Maritime and Port Authority of Singapore (MPA).

Volumes for the mainstay 0.5% low-sulphur fuel oil (VLSFO) grade were up 5.4% from July, with some bunker suppliers reporting better demand in August.

High-sulphur marine fuel (MFO) sales in August dipped 3.7% month-on-month to 1.89 million tons, although volumes were still holding strong on a year-on-year basis.

Despite stronger sales volumes, premiums for both delivered VLSFO and MFO have remained rangebound month-on-month, as the market continues to be oversupplied, trading sources said. They added that premiums for marine fuel delivered in Singapore for September held near the low-$10s per metric ton over the cargo benchmark price.

Marine gasoil volumes retreated last month after logging a sharp climb in July, with August sales totalling about 370,300 tons.

As for alternative fuels, volumes maintained good momentum. Total biofuel-blended bunker sales rose 12.6% to over 135,000 tons, while liquefied natural gas bunker sales hit a record monthly high of 67,000 tons in August.

Singapore’s monthly container throughput totalled 3.86 million twenty-foot equivalent units (TEUs), holding near year-to-date highs, while vessel calls for bunkering dipped 1.2% from July to 3,608 calls in August.
Source: Reuters