Singapore Nov. Bunker Sales Hit 22-month High

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Credits: Victor/Unsplash

Singapore’s total bunker sales in November reached 4.37mn t, up noticeably from 4.25mn t the previous month, reports Argus Media quoting official data from the Maritime and Port Authority (MPA).

This total is also 3.6pc higher than November last year and represents the highest monthly consumption in the city state since January 2021, when volumes reached 4.5mn t.

But Singapore is on track to see its total 2022 bunker volume slip by an estimated 2mn t from the previous year to around 48mn t despite firm consumption in October and November.

HSFO and VLSFO sales

Sales of high-sulphur fuel oil (HSFO) totalled 1.24mn t in November, down from 1.31mn t in October. Demand for very-low sulphur fuel oil (VLSFO) bunkers in November totalled 2.75mn t, up from 2.59mn t the previous month.

Sales of the lower viscosity 100cst VLSFO grade in November reached 698,000t, the highest in at least 23 months. “This could be due to more vacuum gasoil coming into the market due to weak gasoline cracks, which tends to thin down the viscosity“, said one local trader.

Consumption of low-sulphur marine gasoil (LSMGO) reached 308,000t in November, up by 3,000t from October.

A total of 3,299 vessels called at Singapore to bunker in November, down from 3,431 in October, according to MPA data. This translates to an average delivered quantity of 1,325t.

7 spot bunker deals in November

Argus reported a daily average of seven spot bunker deals in November, split between 4 for VLSFO, 2.5 for LSMGO and 0.5 for HSFO.

Singapore’s delivered VLSFO, LSMGO and HSFO prices in November averaged at $669/t, $1,020/t and $415/t, compared with $719/t, $1,042/t and $385/t in October, respectively, according to Argus data.

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Source: Argus Media

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