Singapore’s marine fuel sales fell to a four-month low of 4.005 million tonnes in October, down 7.7 percent from September, but were largely unchanged compared with the same period a year ago, data from the Maritime and Port Authority of Singapore (MPA) showed. The October quantities are the third-lowest volumes for 2017 ahead of the June and February volumes.
In October 2016, a total of 4.009 million tonnes of bunker fuels were sold in Singapore. While the latest volumes were in line with the seasonal norm, industry sources attributed the decline in October volumes from the previous month were likely a result of rising outright marine fuels prices as crude oil prices climbed to their highest levels since 2015. The volume of bunker fuel each ship took was at its lowest since June, loading an average 1,210 tonnes each in October, Reuters calculations showed. This compared with a record of 1,320 tonnes per ship in September and an average of 1,230 tonnes per ship in 2017.
A total of 3,322 vessels called in Singapore’s ports for refuelling in October, up 0.7 percent from the previous month, but down 5.3 percent from October 2016, the data showed. Overall bunker fuel sales since the start of the year stand at 42.024 million tonnes, 3.6 percent higher from the 40.567 million tonnes sold during the same time last year.
Singapore became the world’s first port to mandate the use of mass-flow-meters (MFM) since the start of the year and industry participants widely believe it is on track to set another record year of marine fuel sales volumes in 2017 for the third time in a row. Singapore, the world’s largest bunkering hub, sold a record 48.6 million tonnes in 2016, up 7.7 percent from 2015.