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BUNKER sales at Singapore jumped to a 22-month high in November, latest official data showed as lower prices increased sales at the world's largest marine fuel hub, reports Reuters.
November bunker sales totalled 4.37 million tonnes, climbing three per cent month to month and up four per cent year on year, according Singapore's Maritime and Port Authority data.
The higher sales came despite lower vessel arrivals for bunkering at Singapore, which dipped by four per cent month to month at 3,299 vessel calls, although edged higher by three per cent year on year.
Marine fuel prices fell month to month in November and this had incentivized some shippers to agree deals for bigger-volume stems, bunker fuel traders said.
"Lower cargo prices might have incentivized some bigger purchases for storage as inventory on the ships' tanks," said a bunkering manager who trades in the Singapore marine fuel market.
Total sales of low-sulphur marine fuel oil at Singapore gained six per cent from the previous month to 2.75 million tonnes, even as total sales of high-sulphur marine fuel oil dipped five per cent to 1.25 million tonnes in November.
"Vessels without scrubbers opportunistically increased bunker purchase volumes in the last month due to lower delivered prices," said Ivan Mathews, head of FGE's Asia Refining and Global Fuel Oil Service.
Mr Mathews also said that low-sulphur marine fuel sales could extend its climb this month as prices at Singapore also appeared to be more competitive, compared to other regional ports like Zhoushan.
Bunker fuel prices for 0.5 per cent low-sulphur fuel oil on a delivered basis have trended lower in November after upstream crude oil prices fell.
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