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Singapore Bunker Fuel Sales Reach Record High in 2024 Amid Maritime Industry Growth

Written by

Oleksandr Kaiukov

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The maritime industry witnessed a significant milestone in 2024 as marine fuel sales reached unprecedented heights at the world’s largest bunker hub, Singapore. Driven by record container throughput and an increased uptake of alternative marine fuels, this development underscores Singapore’s pivotal role in the global maritime sector.

Record-Breaking Marine Fuel Sales in Singapore

According to official data from the Maritime and Port Authority of Singapore (MPA), marine fuel sales surged to 54.92 million metric tons in 2024. This figure eclipses the previous record of 51.82 million tons set in 2023, highlighting the robust growth and demand in the maritime fuel sector.

Key Drivers of Marine Fuel Sales Growth

  • Container Throughput: Singapore’s container throughput soared to 41.12 million twenty-foot equivalent units (TEUs) in 2024, setting new records and contributing to the increased demand for marine fuels.
  • Vessel Arrival Tonnage: The annual vessel arrival tonnage reached a fresh record of 3.11 billion gross tons (GT), further bolstering the need for marine fuels.
  • Altered Refuelling Patterns: Shipping tensions in the Red Sea led to changes in refuelling patterns, buoying marine fuel demand as more vessels sought refuelling options in Singapore.

Trends in Marine Fuel Types

The year 2024 saw notable shifts in the types of marine fuels sold, reflecting the industry’s response to environmental regulations and technological advancements:

  • High-Sulphur Marine Fuel: Sales of high-sulphur marine fuel increased by 21%, totalling 20.15 million tons. This growth is attributed to a higher fleet of vessels equipped with scrubbers, which reduce sulphur emissions.
  • Low-Sulphur Fuel: Conversely, sales of low-sulphur fuel decreased by 4% year-on-year to 29.58 million tons, indicating a shift in preference towards other fuel types.
  • Alternative Marine Fuels: Sales of alternative bunker fuels surpassed one million tons for the first time, reaching 1.34 million tons in 2024. This category includes:
    • Biofuel Blends: Sales grew by over 69% to about 880,000 tons.
    • Liquefied Natural Gas (LNG): Sales more than quadrupled to over 460,000 tons, highlighting the growing adoption of LNG as a viable marine fuel option.

Conclusion

Singapore’s record-breaking marine fuel sales in 2024 highlight the city-state’s strategic importance as a global bunker hub. The maritime industry’s shift towards alternative marine fuels, driven by emission cuts and technological advancements, is reshaping the marine fuel landscape. As the industry continues to evolve, Singapore’s position as a leading bunker hub is poised to strengthen, setting new benchmarks for the maritime sector.

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