ANALYSIS: Singapore September Sales Climb as Bunker Calls Hit 19-Month Low

Singapore's bunker sales advanced on a yearly basis in September. Image Credit: Ship & Bunker / Data Credit: MPA

Marine fuel sales in Singapore, the world's largest bunkering hub, jumped on a yearly basis in September despite bunker calls dropping to the lowest level in 19 months.

The city-state's total conventional and biofuel demand reached 4.35 million mt in September, up by 2.2% on the year but down by 3.7% from August's level, according to the latest data from the Maritime and Port Authority.

If the total from the first nine months of the year were to be replicated over the rest of 2024, this year's total for Singapore would reach 53.96 million mt, up by 4.1% from 2023's record high.

Product Breakdown

VLSFO sales declined by 8% on the month to 2.25 million mt in September, HSFO fell by 3.2% to 1.64 million mt, distillates jumped by 13.1% to 347,000 mt and biofuel blends jumped by 63.1% to a record 110,600 mt.

HSFO's share of the total was 37.7%, up from 34.6% the same month a year earlier.

Separately, LNG bunker sales dropped by 19.1% on the month to 36,900 mt in September, 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 sank on an annual basis in September.

A total of 3,267 vessels came to Singapore's waters to bunker last month, down by 7.6% from August's level, by 6.1% on the year and the lowest figure since February 2023.

That left the average conventional and biofuel bunker stem size last month at about 1,331 mt, compared with an average over the previous 12 months of 1,298 mt.

Prices

Singapore's average VLSFO price in September was $603/mt, down by 1.5% from August's level and by 8.8% from the level seen a year earlier.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 2.6% on the month and 10.6% on the year to $602/mt in September.

Tanker Visits Drop

The container segment saw the biggest decrease in activity in Singapore last month. Image Credit: Ship & Bunker / Data Credit: MPA

The total gross tonnage visiting Singapore fell by 5% on the year to 247.633 million mt in September.

This decline was led by the container segment, where calls by gross tonnage lost 13.036 million mt. Tankers rose by 341,000 mt, while bulker tonnage calls declined by 4.9 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.