Revenues for Singapore’s ship chandlers and bunker suppliers sank in the third quarter from a year earlier, data Wednesday from the department of statistics (DoS) showed.
Domestic and foreign wholesale trade fell 12.2% and 21%, respectively, in the third quarter from the same period a year earlier as refined product and petrochemical prices dropped, the DoS said.
Stripping out the effect of lower oil prices, domestic and foreign sales slipped 0.1% and 6.1%, respectively.
Singapore is the world’s largest bunkering hub with marine fuel sales of 12.2 million mt in the third quarter, up 2.1% from the same period a year earlier, according to the country’s Maritime and Port Authority.
But lower oil prices are cutting margins for bunker traders, putting further pressure on maritime services along with instability among Asian shipowners following the unexpected collapse of South Korea’s Hanjin Shipping in August.
On a quarterly basis, sales of Singapore’s domestic ship chandlers and bunkering sector rose 18.2% in Q3, while foreign sales fell 4%.