Singapore bunker sales hit over 5-year high in May 2023
Monthly sales of marine fuel, also known as bunker fuel, hit over five-year highs at the world's largest refuelling hub Singapore in May as vessel arrivals spiked amid firm container throughput, official data showed on Wednesday, according to Reuters.
Sales extended gains for a third consecutive month to 4.52 million tonnes, up 6.2% month-on-month, Singapore's Maritime and Port Authority data showed.
The monthly sales figures were last higher in January 2018 at 4.61 million tonnes, historical data showed.
The uptick reflected higher vessel calls for bunkering, which totalled 3,631 calls in April, extending gains for a third straight month.
Bunker prices remained more competitive at Singapore in May compared to other regional ports in Asia, which drew more ships to refuel at Singapore in recent months, trade sources said.
The tighter VLSFO situation in Singapore could narrow the discount versus Zhoushan and slightly pressurise VLSFO sales this month.
Sales of low sulphur fuel oil grades totalled 2.73 million tonnes in May, climbing 1% from April, calculations based on the MPA data showed.
Meanwhile, sales of high sulphur fuel oil grades rose 18% from April to 1.40 million tonnes in May, while marine gasoil sales rose 4% month-on-month at 340,400 tonnes.
