Bunker demand has fared better in Singapore than in most other locations so far this year. File Image / Pixabay
Singapore may be able to hold onto its 2019 bunker sales volumes this year despite the effect of the COVID-19 pandemic, according to consultancy SDE International.
Bunker demand at the world's largest marine fuels hub may hold steady from last year's levels for 2020 as a whole, price reporting agency S&P Global Platts reported Wednesday, citing comments from SDE International Executive Director Simon Neo.
Bunker sales volumes in Singapore slipped by 4.7% to 47.464 million mt last year, according to data from the country's Maritime and Port Authority (MPA).
In January-April of this year sales were 6.6% higher than in the same period a year earlier, with the combination of the IMO 2020 fuel switch and this year's oil-price slump appearing to make bunker demand converge in the larger hubs at the expense of smaller ports.
But sales in Singapore may start to decline later this year as economic activity drops, Platts cited Neo as saying.