ANALYSIS: Singapore August Bunker Sales Gain 6.5% on Year

Singapore's bunker sales advanced on a yearly basis in August. Image Credit: Ship & Bunker / Data Credit: MPA

Marine fuel sales in Singapore, the world's largest bunkering hub, jumped on a yearly basis in August.

The city-state's total conventional and biofuel demand reached 4.51 million mt in August, up by 6.5% on the year but down by 2.4% from July's level, according to the latest data from the Maritime and Port Authority.

If the total from the first eight months of the year were to be replicated over the rest of 2024, this year's total for Singapore would reach 54.18 million mt, up by 4.6% from 2023's record high.

Product Breakdown

VLSFO sales declined by 1.7% on the month to 2.44 million mt in August, HSFO fell by 4.8% to 1.69 million mt, distillates slipped by 1.2% to 306,800 mt and biofuel blends jumped by 39.5% to 67,800 mt.

HSFO's share of the total was 37.5%, up from 32.9% the same month a year earlier.

Separately, LNG bunker sales rose by 5.6% on the month to 45,600 mt in August, while no methanol sales were recorded.

Singapore has been including columns for biofuel blends, LNG and methanol sales since June 2023.

Bunker Calls Advance

The number of vessels calling at Singapore to bunker advanced on an annual basis in August.

A total of 3,536 vessels came to Singapore's waters to bunker last month, down by 0.6% from July's level but up by 1.5% on the year.

That left the average conventional and biofuel bunker stem size last month at about 1,277 mt, compared with an average over the previous 12 months of 1,289 mt.

Prices

Singapore's average VLSFO price in August was $612/mt, down by 2.1% from July's level and by 4.5% from the level seen a year earlier.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 2.6% on the month and 5.5% on the year to $618/mt in August.

Tanker Visits Drop

The container segment saw the biggest decrease in activity in Singapore last month. Image Credit: Ship & Bunker / Data Credit: MPA

The total gross tonnage visiting Singapore fell by 0.8% on the year to 261.665 million mt in August.

This decline was led by the container segment, where calls by gross tonnage lost 5.427 million mt. Tankers rose by 1.021 million mt, while bulker tonnage calls advanced by 450,000 mt.

The mandatory mass flow meter systems used to measure all bunker deliveries in Singapore come with a +/-0.5% margin of error, a level considered more accurate than traditional measurement systems used at most other ports with the added benefit of all but eliminated volumetric malpractice.

Only licensed companies can supply bunkers in Singapore, and the MPA calculates sales based on the bunker delivery notes of those companies.