Business

Argus Media: HSFO demand lifts Singapore’s 2021 bunker fuel sales

Singapore’s bunker fuel sales in 2021 rose by 0.3pc on the year to 49.99mn t in response to strong HSFO demand and record container throughput.

Published

4 years ago

January 19, 2022

Admin

Singapore’s bunker fuel sales in 2021 rose by 0.3pc on the year to 49.99mn t in response to strong high-sulphur fuel oil (HSFO) demand and record container throughput, according to the city-state’s Maritime and Port Authority (MPA).

This is the second-highest total on record after the port of Singapore, the world’s largest bunkering hub, achieved sales of 50.64mn t in 2017.

Sales of very-low sulphur fuel oil (VLSFO) declined by 3.56pc on the year to 32.87mn t in 2021, although HSFO sales increased by 21.63pc to 12.89mn t over the same period.

This means that 25pc of sales in Singapore, or one in four barrels, was of the high-sulphur grade, demand for which has been supported by a widening price differential with VLSFO. The Hi-5 spread, or the spread between Singapore 0.5pc sulphur marine fuel and 380cst HSFO prices, averaged $119.74/t in 2021, up from $97.82/t in 2020, according to Argus data.

There were nine months in 2021 when Singapore sold over 1mn t of HSFO compared with just four months in 2020, when the International Maritime Organization’s 0.5pc sulphur cap for marine fuels took effect.

Sales of low-sulphur marine gasoil (LSMGO) totalled 3.72mn t last year, down slightly from 4.06mn t in 2020.

Singapore’s bunker fuel consumption reached 4.18mn t in December, down by 44,000t from November.

A total of 39,447 vessels called at Singapore to refuel in 2021, down from 40,585 in 2020, according to MPA data.

Total container throughput hit a record high of 37.5mn twenty-foot equivalent units (TEUs) last year as the Covid-19 pandemic continued to drive up demand for seaborne transport despite logistical bottlenecks, especially in Asia.

Singapore also sold a total of 50,000t of LNG as bunker fuel last year, with the first ship-to-ship LNG bunkering operation completed in March.

Market participants think that Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels, especially LNG and biofuels, and intensifying competition from other ports in Asia, according to an Argus poll conducted in December.

Over 70pc of the participants surveyed think that Singapore’s bunker fuel demand will total 50mn t or more in 2022.

By Sammy Six

Photo credit and source: Argus Media
Published: 19 January, 2022

Business

Singapore: Notice of intended dividend issued for Parakou Shipping Pte Ltd

Creditors of the company will have to submit proof of debt to the liquidators of Parakou Shipping by 17 June, according to Government Gazette notice.

Published

21 hours ago

June 5, 2026

Admin

A notice to declare the intended dividend of Parakou Shipping Pte Ltd to its creditors has been posted on the Government Gazette on Wednesday (3 June).

The following are the details of the notice of intended dividend:

Name of Company : Parakou Shipping Pte Ltd (In Creditors’ Voluntary Liquidation)
Address of Registered Office : c/o KordaMentha, 50 Raffles Place, 25-01 Singapore Land Tower, Singapore 048623
Last Day of Receiving Proofs (if not already lodged): 17 June 2026
Name of Liquidator : Cameron Duncan
Address : c/o KordaMentha Pte Ltd, 50 Raffles Place, #25-01 Singapore Land Tower, Singapore 048623

Photo credit: steve pb from Pixabay
Published: 5 June, 2026

LNG Bunkering

Chinese firms form pact for 20,000 cbm LNG bunkering vessel project

CM Energy Tech, Seacon Shipping Group and China Merchants Heavy Industry (Jiangsu) signed a joint venture agreement for 1+1 20,000 cubic meter LNG bunkering vessels.

Published

21 hours ago

June 5, 2026

Admin

CM Energy Tech Co Ltd, Seacon Shipping Group Holdings Limited and China Merchants Heavy Industry (Jiangsu) Co Ltd on Tuesday (26 May) signed a joint venture agreement for the construction of 1+1 20,000 cubic meter liquefied natural gas (LNG) bunkering vessels.

The parties also signed a shipbuilding contract for the first vessel, which will be constructed by China Merchants Heavy Industry.

The project combines CM Energy Tech’s access to the China Merchants Group ecosystem, Seacon Shipping Group’s expertise in ship management and operations, and China Merchants Heavy Industry’s shipbuilding capabilities. The partners said the initiative is intended to address the shortage of large-capacity LNG bunkering vessels in the Chinese market.

The newbuild LNG bunkering vessel will feature dual C-type independent cargo tanks and is designed with a boil-off rate of just 0.16% per day. It will also be capable of delivering LNG at a bunkering rate of up to 2,000 cbm per hour, enabling efficient refuelling of large LNG-fuelled vessels.

The vessel will be powered by Wärtsilä dual-fuel engines and will comply with IMO Tier III emissions requirements. The first vessel is scheduled for delivery in 2028.

The three companies said they plan to further expand cooperation across the LNG value chain, strengthen their presence in the marine energy sector and provide customers with integrated LNG bunkering services focused on safety, operational efficiency and lower carbon emissions.

Photo credit: David Yu from Pixabay
Published: 5 June, 2026

Methanol

India’s Agastya inks green methanol offtake agreement with SAR Group

Agastya Green Fuels and SAR Group will work together to enable green methanol storage, bunkering, and marine fuel infrastructure across Sri Lanka.

Published

21 hours ago

June 5, 2026

Admin

India’s clean energy conglomerate Agastya Group on Wednesday (3 June) said Agastya Green Fuels signed a long-term green methanol offtake agreement with Sri Lankan bunker supplier SAR Maritime Agencies, a SAR Group company, for the supply of 250,000 metric tonnes (mt) per annum of EU RFNBO RED III Compliant green methanol.

Agastya said the agreement establishes one of the largest green methanol supply partnerships in the Indian Ocean Region and marked a major step toward creating a new green maritime energy corridor connecting India and Sri Lanka.

The green methanol will be supplied from the Agastya Green Fuels Hub at Mulapeta Port, Andhra Pradesh, India, where Agastya is developing a green methanol export-oriented facility with a planned investment of USD 6 billion over the next six years. The facility is expected to produce 1 million mt per annum.

“Through this partnership, Agastya Green Fuels and SAR Group will work together to enable green methanol storage, bunkering, and marine fuel infrastructure across Sri Lanka, positioning Colombo, Hambantota, and Trincomalee as future clean-fuel hubs for global shipping,” the company said in a social media post.

“The Indian Ocean is emerging as the world’s next green fuel corridor. Agastya Green Fuels intends to be at its center,” said Shashi K Reddy Arjula, Founder and Group CEO of Agastya.

Photo credit: CHUTTERSNAP on Unsplash
Published: 5 June, 2026