US EIA: Singapore bunker fuel sales soar as ships take longer route to avoid Red Sea

Bunker Fuel

Published Thu, 6th June 2024
by Admin

Recent MPA data show bunker fuel sales have increased year over year starting in December of 2023 through the first quarter of 2024, following Red Sea attacks that began in November 2023.

US EIA: Singapore bunker fuel sales soar as ships take longer route to avoid Red Sea

Bunker fuel sales in Singapore, the world’s largest bunkering fuel port, have increased to all-time highs, indicating increased global consumption as cargo ships, tankers, and other marine vessels take longer routes to avoid the Red Sea, U.S. Energy Information Administration (EIA) said on Wednesday (5 June).

EIA, the statistical and analytical agency within the US Department of Energy, said ship operators have been avoiding the Red Sea following Yemen-based Houthi militia attacks that began in November 2023.

“Many of the new routes involve rounding Africa’s Cape of Good Hope, which can add several thousand miles and two to three weeks of travel time compared with a voyage transiting the Red Sea, depending on origin and destination,” it said.

The number of cargo and tanker ships transiting the Suez Canal at the northern end of the Red Sea has decreased by more than half compared with the same time period a year ago, from around 75 vessels transiting to around 35, according to data from the International Monetary Fund’s Portwatch tool.

Recent data on bunker fuel sales from the Maritime and Port Authority of Singapore show bunker fuel sales have increased year over year starting in December of 2023 through the first quarter of 2024. The surge reached an all-time high in December 2023 based on data that goes back to 1995 with more bunkering fuel being sold in Singapore than in any other port.

Manifold Times recently reported MPA stating the diversion of vessels around the Cape of Good Hope has disrupted vessel arrival schedules at major ports around the world with off-schedule arrivals and has caused a “vessels bunching” effect.

MPA added Singapore saw a significant increase in vessel arrivals since the beginning of 2024.

For the container vessels, MPA saw large increases in container volumes and the “bunching” of container vessel arrivals over the previous months due to supply chain disruptions in upstream locations.

Related: Singapore sees large increases in container volumes, bunkering activities remain unaffected
Related: Singapore: Bunker fuel sales down by 0.6% on year in April 2024
Related: Singapore: Bunker fuel sales increase by 6.4% on year in March 2024
Related: Singapore: Bunker fuel sales up by 18.8% on year in February 2024
Related: Singapore: Bunker fuel sales up by 12.1% on year in January 2024

A complete series of articles on Singapore bunker volumes by Manifold Times in 2023 can be found below:

Photo credit: U.S. Energy Information Administration
Published: 6 June 2024

US EIA: Singapore bunker fuel sales soar as ships take longer route to avoid Red Sea

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