ANALYSIS: Singapore June Bunker Sales Gain 7.9% on Year

If the total from the first half were to be replicated over the rest of 2024, this year's total for Singapore would reach 53.97 million mt, up by 4.1% from 2023's record high. Image Credit: Ship & Bunker / Data Credit: MPA

Marine fuel sales in Singapore, the world's largest bunkering hub, jumped on a yearly basis in June as Red Sea diversions boosted demand.

The city-state's total conventional and biofuel demand reached 4.22 million mt in June, up by 7.9% on the year but down by 11.6% from May's level, according to the latest data from the Maritime and Port Authority. The total was the lowest since April.

Singapore's total for Q1 was 13.78 million mt, a record high, up by 11.6% on the year and by 0.7% from the previous quarter.

If the total from the first six months of the year were to be replicated over the rest of 2024, this year's total for Singapore would reach 53.97 million mt, up by 4.1% from 2023's record high.

Product Breakdown

VLSFO sales declined by 11.7% on the month to 2.33 million mt in June, HSFO fell by 10.3% to 1.56 million mt, distillates slipped by 16.9% to 286,800 mt and biofuel blends dropped by 11.5% to 47,800 mt.

HSFO's share of the total was 36.9%, up from 31.6% the same month a year earlier.

Separately, LNG bunker sales rose by 5.9% on the month to 51,700 mt in June, a record monthly total, 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 declined on both a monthly and annual basis in June.

A total of 3,353 vessels came to Singapore's waters to bunker in June, down by 5.1% from May's level.

That left the average conventional and biofuel bunker stem size last month at about 1,260 mt, compared with an average over the previous 12 months of 1,282 mt.

Prices

Singapore's average VLSFO price in May was $603.50/mt, down by 2.7% from May's level but up by2.5% from the level seen a year earlier.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 2.4% on the month and gained 4.3% on the year to $620/mt in June.

Tanker Visits Drop

Calls to Singapore by container ships sank in June. Image Credit: Ship & Bunker / Data Credit: MPA

The total gross tonnage visiting Singapore fell by 3.6% on the year to 240.967 million mt in June.

This decline was led by the container segment, where calls by gross tonnage lost 11.26 million mt. Tankers sank by 2.3 million mt, while bulker tonnage calls rose by 3.93 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.