Big HSFO demand boost takes Singapore bunker sales to all-time highs
Singapore's total conventional bunker sales rose to a record 53.60 million mt in 2024.
Changes in bunker sales between 2023 and 2024:
- Total sales up 2.32 million mt to 53.60 million mt
- VLSFO sales down 1.21 million mt to 29.58 million mt
- HSFO sales up 3.53 million mt to 20.15 million mt
- MGO sales up 90,000 mt to 3.86 million mt
Singapore's total conventional bunker sales rose by 5% year-on-year and were mostly driven by a significant increase in HSFO sales, according to preliminary data from the Maritime and Port Authority of Singapore (MPA).
HSFO sales surged by 21% in 2024, reaching their highest levels since the IMO's 0.50% sulphur cap was implemented. MGO sales also increased by 2% during the year. In contrast, VLSFO sales dropped by 4% year-on-year, hitting their lowest point in over three years.
The number of vessels arriving for bunkers (41,530) and the average stem size (1,291 mt) remained largely unchanged from 2023.
The MPA also released its top 10 bunker suppliers for 2024. Unlike previous years, where the ranking was based on volume, the 2024 list was presented in alphabetical order. The suppliers are BP Singapore, Chevron Singapore, Eng Hua, Equatorial Marine, Glencore Singapore, Global Energy Trading, PetroChina International, Sinopec Fuel Oil (Singapore), TFG Marine and Vitol Bunkers.
Fuel grade share of total sales in 2024 (compared to 2023):
- 55% VLSFO (60%)
- 38% HSFO (32%)
- 7% MGO (7%)
By Tuhin Roy
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