ANALYSIS: Singapore 2023 Bunker Sales Head for Record High

Singapore's bunker sales declined in November, but 2023 still looks set to be a record year for the city-state. Image Credit: Ship & Bunker / Data Credit: MPA

Singapore's conventional bunker and biofuel blend sales dropped on a monthly and yearly basis in November, but the city-state's total for this year is still heading for a record high.

The city-state's total conventional and biofuel demand reached 4.26 million mt in November, according to preliminary data from the Maritime and Port Authority. The total was down by 2.6% from the same month a year earlier and by 2.9% from October's level.

The total for 2023 is currently heading for about 50.9 million mt, beating the previous record high set in 2017.

Product Breakdown

VLSFO sales fell by 7% on the month to 2.34 million mt in November, HSFO advanced by 6.3% to 1.54 million mt, distillates sank by 5.8% to 314,100 mt and biofuel blends dropped by 27.3% to 57,500 mt.

November's HSFO total was the highest since October 2019, before the 0.50% sulfur cap came into force in January 2020. HSFO's share of the total was 36.2%, up from 29.5% the same month a year earlier.

Separately, LNG bunker sales dropped by 55.3% on the month to 7,200 mt in November, the least since May, while no methanol sales were recorded.

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

Bunker Calls Decline

The number of vessels calling at Singapore to bunker advanced on a yearly basis in November, but declined from October's level.

A total of 3,404 vessels came to Singapore's waters to bunker in November. The total was up by 3.2% on the year, but down by 3.9% from October's level and the lowest total since June.

That left the average conventional and biofuel bunker stem size last month at about 1,251 mt, compared with an average over the previous 12 months of 1,162 mt.

Prices

Singapore's average VLSFO price in November was $685.50/mt, up by 2.5% from October's level and by 0.7% from the level seen a year earlier.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 0.7% on the month and 6.3% on the year to $668/mt in November.

Boxship Visits Jump

The total gross tonnage visiting Singapore jumped by 6.7% on the year to 265,224 million mt in November. This advance was led by the container segment, where calls by gross tonnage gained 11.5 million mt. Bulker tonnage calls rose by 7.1 million mt, while tankers declined by 2.9 million mt.

Container ships saw the most growth in gross tonnage visiting Singapore last month. Image Credit: Ship & Bunker / Data Credit: MPA

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.