Singapore marine fuel sales tumble to eleven-month low

Oil

Singapore marine fuel sales declined by 185KT m-o-m to 4.07MT in May, falling to the lowest level since June 2020 as increasing price competition from China has drawn some traffic away from the world’s top bunkering hub, Reuters report. Despite falling to an eleven-month low marine fuel sales still remain up 147KT y-o-y as the initial impact of coronavirus-related restriction measures weighed on purchasing. Sales of high-sulphur fuel oil (HSFO) fell by 106KT m-o-m to an eight-month low of 985KT, accounting for around 24% of the overall volumes. This is an increase of 199KT y-o-y however due to the rising number of vessels fitted with scrubbers, allowing them to consume fuels with a sulphur content more than the global 0.5% limit.