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Singapore annual bunker fuel sales soar to a record high in 2024

Total bunker sales registered a new high of 54.92 million mt in 2024; increased uptake was partly due to the extended Asia-Europe shipping routes via Cape of Good Hope given disruptions in the Red Sea.

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Singapore’s annual vessel arrival tonnage, total tonnage of ships under the Singapore flag, container throughput, total bunker sales, and sales of alternative bunker fuels, reached new highs in 2024, according to the Maritime and Port Authority of Singapore on Wednesday (15 January).

These were among some of the announcements by Mr Murali Pillai, Minister of State for Law and Transport, at the annual Singapore Maritime Foundation (SMF) New Year Conversations event. Mr Murali said that despite strained global supply chains, Maritime Singapore has maintained strong growth momentum in 2024 and looks forward to continued steady growth in 2025.

Total bunker sales registered a new high of 54.92 million metric tonnes (mt), marking a 6.0% year-on-year increase from 51.82 million mt recorded in 2023. 

The increased uptake was partly due to the extended Asia-Europe shipping routes via the Cape of Good Hope given the disruptions in the Red Sea. 

Singapore made steady progress as the world’s largest bunkering port, supplying over a sixth of the total fuel used by global shipping.

Sales of alternative bunker fuels exceeded one million tonnes for the first time to reach 1.34 million tonnes in 2024, a year-on-year doubling. Specifically, the sale of biofuel blends grew from 0.52 million tonnes in 2023 to 0.88 million tonnes. 

Biofuel blends of up to B50 are available commercially with trials of up to B100 on-going. LNG increased from 0.11 million tonnes in 2023 to 0.46 million tonnes.

An Expression of Interest was launched in December 2024 to explore scalable solutions for sea-based LNG reloading to complement the existing onshore LNG bunkering storage and jetty capacities and support the supply of e-/bio methane as marine fuel in Singapore. Methanol was available on a commercial scale and registered 1,626 mt, while 9.74 mt of ammonia was bunkered for the first time globally in trials in Singapore.

As part of the pro-enterprise rules review exercise led by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong to help lower business costs, MPA will reduce the verification frequency of mass flow meters from twice to once a year, starting 1 April 2025. This aligns with the updated

SS648:2024 standards and is expected to save the industry approximately SGD 300,000 a year. Risk-based audits will continue as the industry undertakes the transition.

As a leading International Maritime Centre, Singapore is home to close to 200 international shipping groups. In addition, more than 30 maritime companies spanning shipping, legal, insurance, shipbroking, and marine tech sectors, have established or expanded their operations in Singapore during the year. Notably, classification society RINA announced the set-up of its Open Innovation Hub in Singapore. 

Total business spending by key maritime companies overseen by MPA increased to SGD 5.2 billion in 2024, up from SGD 4.8 billion the previous year.

Electronic Bunker Delivery Notes

From 1 April 2025, all bunker suppliers will need to provide digital bunkering services and issue electronic bunker delivery (e-BDN) notes by default. A standard for digital bunkering supply chain documentation (SS709:2024) was also published in November 2024. 

Singapore is the first port to implement digital bunkering at scale for bunkering operations following approval by the International Maritime Organization (IMO) to use eBDN at the 80th meeting of the Marine Environment Protection Committee in 2023.

New Fuels 

To support the operationalisation of ammonia bunkering, EnterpriseSG and MPA will develop the Singapore standards for ammonia bunkering by 2025. 

The lead developer for a low- or zero-carbon ammonia power generation and bunkering solution on Jurong Island under the Request for Proposal  launched by MPA and the Energy Market Authority of Singapore is expected to be announced in 2025.

MPA is also currently developing the Technical Reference for methanol bunkering, which will cover safety procedures, crew competencies, custody transfer requirements, and the framework to govern the use of the MFM and digital documentation records for methanol bunkering. This Technical Reference is expected to be released in 2025.

MPA, together with Enterprise Singapore, Singapore Standards Council, industry stakeholders, and academia, has developed a Technical Reference (TR) for electric harbour craft (e-HC) charging and battery swap systems to support the development of the e-HC charging infrastructure and ecosystem in the Port of Singapore. Details of the TR will be announced in the coming months.

Related: Singapore achieves milestone with record year for bunker sales in 2023

 

Photo credit: Murali Pillai Facebook page
Published: 16 January, 2024

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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