TECHNICAL • PROPULSION Bunker demand continues apace in Singapore
Singapore has started 2017 with a strong display of bunker sales volumes, as fuel buyers continue to see the island-state as an ideal port to pick up bunkers, assured by developments to the operational landscape to further boost efficiency and transparency.
Posting bunker sales of 4.46m tonnes and 3.85m tonnes in January and February this year respectively, sales volumes over the first two months of 2017 hit 8.31m tonnes, an increase of 8% compared to the previous corresponding period, according to data from the Maritime and Port Authority of Singapore (MPA).
The Singapore 380cst high-sulphur grade continued to make up the bulk of sales with 6.26m tonnes sold over the first two months of 2017, followed by the even higher sulphur 500cst grade with sales of 1.6m tonnes.
Sales of the low-sulphur grades of low- sulphur marine gas oil (LSMGO) and low-sulphur fuel oil (LSFO) 380cst have
been on the rise as owners start making gradual shifts to using low-sulphur fuels in view of stricter IMO emissions regulations.
Singapore sold 220,100 tonnes of LSMGO and 30,100 tonnes of LSFO380cst
over January-February 2017, up from sales of 167,100 tonnes and 21,200 tonnes, respectively, in the same period of 2016.
The overall increase in sales volumes followed the 1 January 2017 regulation on the compulsory use of mass flow meters (MFMs) for all bunker deliveries conducted within Singapore port waters.
The MPA is the first port authority in the world to enforce the use of MFMs as part of continuous efforts to stamp out malpractices of fuel shortchange as a result of manual quantity measurements
and to raise operational productivity.
Bunker fuel prices have also largely firmed in line with the gradual rise of crude oil prices. The price of Singapore 380cst was indicated at $295 per metric tonne (pmt) on 15 March 2017, representing a hike of 63.9% year-on-year, according to figures from Ship & Bunker.
However, bunker prices up until 15 March have declined by 14.7% compared to $346pmt at the start of the year on 1 January, also following the softening of global oil prices.
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Seatrade Maritime Review • Quarterly Issue 2 • June 2017 83
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