Singapore's bunker market remains healthy despite this year's stresses. File Image / Pixabay
While many global markets are reporting falling bunker demand, sales in Singapore advanced by 13.6% on the year in August, according to preliminary data from the Maritime and Port Authority (MPA).
Total sales in the world's largest marine fuels hub were 4.169 million mt in August, the MPA said Monday, gaining 13.6% from the same month a year earlier and 0.3% from July's level. The total was the highest since March.
The performance will no doubt be seen as yet another confirmation of Singapore's status as the world's key bunker hub, with other notable markets including Panama and Spain reporting volumes have fallen as much as 30%.
Singapore's annual total up to the end of August is also now 5.3% higher than the same period of 2019.
The increase in August sales came despite calls for bunkers having slipped by 0.6% from a year earlier to 3,403 vessels in August, meaning the average stem size jumped by 14.3% on the year to about 1,225 mt.
Very low sulfur fuel oil and 0.5% sulfur gasoil and diesel sales fell by 1.9% from July's levels to 2.867 million mt in August, while high sulfur fuel oil (HSFO) sales rose by 3.9% to 1.027 million mt. HSFO's share of total demand was 24.6%.
Sales of 0.1% sulfur gasoil and ultra low sulfur fuel oil jumped by 11.1% on the month to 273,200 mt, the MPA said.