Two More Players Exit the Singapore Bunker Market

Wednesday February 7, 2018

The number of physical bunker suppliers in Singapore has fallen to 52 after two more players this month exited the market, according to the latest official data from The Maritime Authority of Singapore (MPA).

Harley Marine Asia Pte Ltd and Palmstone Marine Services Pte Ltd are the suppliers no longer present on MPA's official list of Accredited Bunker Suppliers.

Harley Marine, who entered the market in February 2016, were ranked 48th for its sales volume in 2017, while Palmstone Marine Services were ranked at 41.

It should be noted that Palmstone Tankers & Trading Pte Ltd remains as a licenced supplier in Singapore.

The number of bunker suppliers in the country has been falling steadily in recent years, with MPA data showing that that in February 2013 there were 72 accredited suppliers in the port.

And having ended 2017 with 55 licensed suppliers, January saw that number drop to 54 following the planned exit of top 20 ranked supplier Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean), who cited "extremely competitive" conditions in the bunkering market in general, and the Singapore market in particular.

Recent rumours have suggested authorities are actively looking to reduce the number of supplier in the country, but this has been dismissed by MPA.

"The number of bunker suppliers in Singapore are determined by market forces," an MPA spokesperson has told Ship & Bunker.

Singapore is by far the world's biggest bunkering port by volume, with a record 50.6 million metric tonnes sold in 2017.