Total bunker sales in Singapore in 2022 reached 47.88mn t, down by 4.2pc from 49.99mn t in 2021, according to official data from the Maritime and Port Authority (MPA).
16 January 2023
This is the lowest total yearly consumption in three years, as fewer vessels visited the city state to refuel given increasing competition from other regional ports, as well as slowing demand by shipowners because of recession fears.
Singapore sold 4.21mn t of bunkers in December, lower by 158,000t, or about 3.9pc, from the previous month. This was mainly because of weaker sales of very-low sulphur fuel oil (VLSFO), which in December fell by 5.5pc to 2.6mn t from 2.75mn t in November.
Sales of high-sulphur fuel oil (HSFO) in December reached 1.27mn t, up by 29,000t, or 2.3pc, from November.
Low-sulphur marine gasoil (LSMGO) consumption totalled 286,000t in December, down by 7.1pc from 308,000t the previous month.
A total of 37,662 vessels called at Singapore to refuel last year according to MPA data, a 4.5pc fall from 2021’s total of 39,447.
China’s largest bunker hub of Zhoushan sold VLSFO at an average discount of $5/t to Singapore last year, according to Argus data, incentivising buyers to head there instead. South Korea’s ports also sold bunkers at increasingly competitive rates to Singapore.
Singapore reportedly sold 140,000t of biofuels over 90 biofuel bunkering operations in 2022, said Singapore’s senior minister of state for finance and transport, Chee Hong Tat, on 13 January.
Sales of LNG bunkers totalled 16,000t in 2022, down sharply by 68pc from 50,000t in 2021.
Argus reported a daily average of 10 spot bunker deals in 2022, split into 6 for VLSFO, 2.5 for LSMGO and 1.5 for HSFO.
Singapore’s delivered VLSFO, LSMGO and HSFO prices in 2022 averaged $797/t, $1,026/t and $518/t, respectively, compared to $532/t, $578/t and $412/t in 2021, according to Argus data.
By Sammy Six
Photo credit and source: Argus Media
Published: 17 January, 2023
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
20 Jan 2023