Singapore's marine fuel sales have reached their lowest level in 20 months, according to official data released on Friday by the Maritime and Port Authority of Singapore. The decline, observed in February, marks a significant downturn in sales at the world's leading bunker hub. This drop is primarily attributed to a reduction in vessel calls for bunkering, which fell sharply last month.
The number of vessel calls for bunkering in February was recorded at 3,075, reflecting a 14.1% decrease from the previous month. This figure also represents the lowest number of vessel calls seen in two years. The decline in vessel activity has had a direct impact on marine fuel sales volumes, which totaled 4.15 million metric tonnes in February. This is a notable 7.1% decrease from January's figures.
In addition to the month-on-month downturn, there was an 8.1% year-on-year decline in marine fuel sales. The decrease highlights ongoing challenges facing the maritime industry, as it navigates fluctuating demand and shifts in global trade patterns. Singapore's position as the top bunker hub underscores the significance of these trends for the broader market.
The Maritime and Port Authority of Singapore, the official source of this data, has emphasized the connection between fewer vessel calls for bunkering and the drop in fuel sales volumes. The decline in vessel calls is a critical factor influencing the overall reduction in marine fuel sales at the hub.