ANALYSIS: Singapore January Bunker Calls Jump to Record High

Total sales gained considerably on the year but declined from December's record high. Image Credit: Ship & Bunker / Data Credit: MPA

The number of ships calling for marine fuels at Singapore, the world's largest bunkering hub, jumped to a record high in January as total sales slipped from December's record level.

The city-state's total conventional and biofuel demand reached 4.9 million mt in January, according to preliminary data from the Maritime and Port Authority. The total was up by 11.9% from the same month a year earlier but down by 2.9% from December's level, the highest on record.

2023's total reached 51.82 million mt, up by 8% from 2022. If January's performance were to be replicated over the rest of 2024, this year's total for Singapore would reach 58.74 million mt.

Product Breakdown

VLSFO sales rose by 0.9% on the month to 2.86 million mt in January, HSFO declined by 8.4% to 1.66 million mt, distillates sank by 1.8% to 330,500 mt and biofuel blends dropped by 21.9% to 45,300 mt.

HSFO's share of the total was 33.8%, up from 28.6% the same month a year earlier.

Separately, LNG bunker sales jumped by 11.8% on the month to 10,400 mt in January, while no methanol sales were recorded.

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

Bunker Calls Hit Record High

The number of vessels calling at Singapore to bunker advanced on both a monthly and yearly basis in January.

A total of 3,751 vessels came to Singapore's waters to bunker in January, the highest figure on record. The total was up by 6% from December's level.

That left the average conventional and biofuel bunker stem size last month at about 1,305 mt, compared with an average over the previous 12 months of 1,251 mt.

Prices

Singapore's average VLSFO price in January was $617/mt, up by 0.8% from December's level but down by 4.3% from the level seen a year earlier.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports gained 0.9% on the month but lost 3.9% on the year to $637.50/mt in January.

Bulker Visits Jump

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

The total gross tonnage visiting Singapore jumped by 7.5% on the year to 276.63 million mt in January. This advance was led by the bulker segment, where calls by gross tonnage gained 14.3 million mt. Container ship tonnage calls rose by 4.9 million mt, while tankers declined by 1 million 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.