Marine fuel sales increased to a 22 month high during this November at Singapore port.
According to official data on Tuesday, marine fuel sales increased to a 22 month high during this November at the world’s largest bunkering hub. The higher sale is because of the increase in buying interest due to lower fuel price.
Data released by Singapore’s Maritime and Port Authority for the month of November shows a total bunker sales of 4.37 million tons. Making a swift climb of 3% compared to last month and up 4% compared to the same period last year.
The higher sale was noted while less vessel arrived for bunkering at Singapore last month. According to the data there is a 4% month on month decrease with a vessel count of 3,299 vessels. This is still 3%
Bunker fuel traders reported that the fuel price decrease from November compared to last month has led some shippers to make bigger deals and get more fuel for storage.
“Lower cargo prices might have incentivized some bigger purchases for storage as inventory on the ships’ tanks,”. Said one of the bunkering manager trading in the Singapore marine fuel market.
While total sales of low-sulfur marine fuel oil increased 6% compared to previous month making 2.75 million tons. Total sales of high-sulfur marine fuel oil dropped 5% compared to the previous month making 1.25 million tons in November.
“Vessels without scrubbers opportunistically increased bunker purchase volumes in the last month due to lower delivered prices,”. Said Ivan Mathews, head of FGE’s Asia Refining and Global Fuel Oil Service. He further added that low Sulfur marine oil sales can increase this month too. Since the prices at Singapore port remains competitive and low price compared to the other regional ports around.
Bunker fuel prices for 0.5% low-sulfur fuel oil have trended lower in November after upstream crude oil prices fell.
