Bunker Fuel Sales Surge in Singapore, World's Largest Bunkering Hub
Increase in Bunker Calls Drives July Sales
Bunker fuel sales in Singapore, the world's largest bunkering hub, witnessed a significant boost in July 2024 compared to the previous month and year.
The increase in bunker calls, or ship visits for fuel supply, contributed to the surge in sales. Bunker calls reached a six-month high in July, driving the demand for marine fuel.
Key Statistics
- Monthly increase: 9.8%
- Yearly increase: 14%
- Total sales volume in July: 4.121 million metric tons
- Volume increase for VLSFO (Very Low Sulfur Fuel Oil): 13%
- Volume increase for HSFO (High Sulfur Fuel Oil): 19.9%
Reasons for the Increase
The growth in bunker fuel sales is attributed to several factors, including:
- Increased shipping activities due to easing COVID-19 restrictions
- Strong demand for VLSFO, driven by stricter emission regulations
- Competitive fuel prices in Singapore compared to other bunkering hubs
Impact on the Industry
The surge in bunker fuel sales is a positive sign for the maritime industry in Singapore. It reflects the hub's continued importance as a major bunker fuel supplier and highlights the resilience of the sector amidst global challenges.
However, industry experts caution that the demand for bunker fuel may fluctuate in the future due to factors such as changes in shipping regulations and the adoption of alternative fuels.
Sources
- Sales of Marine Fuel at Singapore Port Increased by 3.3% on Year in July 2024
- Singapore bunker sales jump on a yearly, monthly basis in July; calls hit six-month high
- Singapore bunker sales jump in July on year, month as calls hit 6-month high
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