Singapore bunker sales remain stable, despite forecasts in bunker fuel demand decline

singapore bunker sales stable

Singapore bunker sales remain stable: The markets for many commodities including bunker fuel have been affected globally by the pandemic. However, Singapore bunker sales remain stable to slightly higher throughout 2020, despite forecasts of a 7-17% decline in bunker fuel demand.

S&P Global Platts estimated that October’s low sulphur bunker fuel sales were likely to be slightly lower than September’s sales.

According to the latest Maritime and Port Authority of Singapore data, marine fuel sales have risen by 5.6% year on year, over January to September. An industry consultant stated that “Shipowners and operators are increasingly coming to Singapore for trouble-free bunkering.”

Mass Flow Meters (MFMs) are a measurement of the flow rate in the pipe, gauging the quantity as well as the mass and density of the fuel.

From Jan 1, 2017, the country has mandated MFMs for fuel oil deliveries and all distillate bunker deliveries from July 1, 2019.

In October, the country launched two new bunkering standards – Singapore Standard 660:2020 and Technical Reference 80:2020. Industry sources said that these standards have increased transparency and gave further quality assurance in the maritime industry. It had also reaped the benefits of productivity enhancements and cost savings after the implementation of TR 48.

TR48 is a technical reference developed to enhance bunkering operators’ efficiency and promote best practices in the measurement of bunker fuel delivered.

Also, traders and analysts have said that demand for shipping fuel at most ports are back at pre-pandemic levels and relatively resilient despite the mobility restrictions imposed during the pandemic.

“Global ports are seeing a strong pick-up in bunker (fuel) demand,” said Sri Paravaikkarasu, Director for Asia oil at FGE.

“Both the high-sulphur fuel oil (HSFO) and VLSFO markets will continue to remain tight over November and December,” she added.

To get updates on live prices of bunkering services, visit the Marine Online platform!

 

Source:

The World News Monitor

S & P Global Platts

Maritime Port Authority of Singapore

Marine online bunkering

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