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Argus Media: Singapore’s bunker sales rise on month in October

15 Nov 2022

Singapore’s total bunker sales in October reached 4.25mn t, up significantly from 3.97mn t the month before, according to official data from the Maritime and Port Authority (MPA).

14 November 2022

This is the highest monthly total so far this year, but was down slightly by 0.1pc from last year.

Sales of high-sulphur fuel oil (HSFO) totalled 1.31mn t, up from 1.12mn t in September.

“Last month was the best one for us volume-wise, with strong demand especially for HSFO,” said one local trader. This could be a result of the scrubber or Hi-5 spread — or very-low sulphur fuel oil’s (VLSFO) premium to HSFO — that averaged $334/t in October, up from $277/t in September.

Demand for VLSFO bunkers in October totalled 2.59mn t, up from 2.47mn t the previous month.

“Singapore prices were cheaper than South Korea or China in October,” remarked another trader. “The Koreans started slashing their prices so far in November to win volumes back from Singapore.”

Consumption of low-sulphur marine gasoil (LSMGO) reached 305,000t, down by 24,000t from September.

A total of 3,431 vessels called at Singapore to bunker in October, the highest so far this year, according to MPA data. This translates to an average delivered quantity of 1,239t.

Argus reported a daily average of 10 spot bunker deals in October, split between five for VLSFO, 3.5 for LSMGO and 1.5 for HSFO.

Singapore’s delivered VLSFO, LSMGO and HSFO prices in October averaged $719/t, $1,042/t and $385/t, compared to $683/t, $956/t and $406/t in September respectively, according to Argus data.

By Sammy Six


Photo credit and source: Argus Media

Published: 15 November, 2022

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