Marine fuel sales in Singapore faced a 1 percent decline in September, attributed to a drop in high-sulfur fuel oil (HSFO) sales. Preliminary data released by the Maritime and Port Authority of Singapore (MPA) indicates that this decline has emerged as one of the major challenges in Singapore's maritime industry.
Changes in Marine Fuel Sales
In September, sales of VLSFO and MGO increased by 1 percent and 3 percent, respectively, while HSFO sales experienced a 5 percent decline. These changes reflect fluctuations in demand and the willingness of vessels to use different types of fuel at this port. Overall, this decrease in sales may be due to changes in environmental policies and the rising need for cleaner fuels.
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Increase in Vessel Calls
In September, the Port of Singapore witnessed 3,617 vessel calls for refueling, which is 29 more than in August. Despite the increase in the number of calls, the average refueling size decreased to about 1,270 metric tons (mt), down from nearly 1,300 metric tons in August. This reduction in refueling size may indicate changes in the types of vessels and varying fuel needs.
The total marine fuel sales in the first nine months of the year have increased by 3 percent compared to the same period last year. This statistic shows that despite the challenges in the market, the overall demand for fuel continues to grow. Analysts believe that this increase may be due to improved economic conditions and the return of business activities following global crises.
