Business

Argus Media: Singapore bunker sales in February fall

Some market participants expect March sales might also fare badly, with higher outright crude and bunker prices that are discouraging shipowners from buying.

Published

4 years ago

March 15, 2022

Admin

Bunker sales in Singapore in February totalled 3.5mn t, down sharply by 532,000t from the previous month and down by 15pc from a year earlier.

14 March 2022

This was the lowest monthly total in at least 14 months, according to data from the city state’s Maritime and Port Authority (MPA). The MPA has only provided monthly data from January 2021 onwards.

The fall in consumption is mainly the result of February being a shorter month, totalling 28 days, but also because of more competitive prices in other Asian ports, such as South Korea, China and Japan.

“South Korea especially has been very competitive on VLSFO, pulling demand away from Singapore”, said one local trader.

The port sold 2.29mn t of very-low sulphur fuel oil (VLSFO) in February, down from 2.56mn t in January.

Bunker prices in China have also been cheaper, because of bad weather, Covid-19 outbreaks and weaker demand that translated into selling pressure.

“High cargo and ex-wharf premiums are also not helping Singapore”, said another trader. “The low February number spooked everyone but nobody’s surprised.”

Sales of high-sulphur fuel oil (HSFO) reached 924,000t, down from 1.12mn t the previous month. It was the first time since September last year that HSFO sales fell below 1mn t.

Consumption of low-sulphur marine gasoil (LSMGO) fell to 281,000t, which was also the lowest in at least 14 months. “Gasoil cargo has been in short supply, hence we are more cautious committing volumes”, a gasoil trader said.

A total of 2,805 vessels called at Singapore to bunker in February, down sharply from 3,115 in January, according to MPA data. This translates into an average stem size of 1,248t. It was the first time in at least 14 months that bunker calls fell below 3,000.

Argus reported a daily average of 12 spot bunker deals in February, split between eight for VLSFO, 2.5 for LSMGO and 1.5 for HSFO.

Singapore’s delivered VLSFO, LSMGO and HSFO prices in February averaged $735/t, $829/t and $525/t respectively, up firmly from $663/t, $738/t and $482/t in January, according to Argus data.

Some market participants expect March sales might also fare badly, with higher outright crude and bunker prices that are discouraging shipowners from buying. But Singapore stands to benefit in times of such high uncertainty as shipowners flock to familiarity, as when the Covid-19 pandemic first hit in 2020.

By Sammy Six

Photo credit and source: Argus Media
Published: 15 March, 2022

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

10 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

10 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

11 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026