Singapore keeps strengthening its position as the world’s leading bunker trading hub. 2023 bunker sales set a record of 51.8 million tons. Low Sulphur Fuel Oil is leading marine fuel grade. Singapore 2023 LSFO sales were 30.7 millions tons (59% of overall sales), which is less than in 2020 (34 million tons). Overall low sulphur fuel oil grades amounted 67% of overall sales. The share of bio-blended marine fuel oil types are growing. In Q4 2023 the share of bio-blended LSFO reached 2.5% of overall LSFO sales (compared to 0.5% in 2022). It follows the blending tendencies in other motor fuel markets. Sales of alternative marine fuels (LNG, methanol) are immaterial as of now (111 thousand tons in 2023) but rapidly grooving (have grown twofold since 2021).

Sales of LSFO marine fuel types have significantly increased since beginning of Red Sea tensions – 94 thousand tons per day in December 2023 – January 2024 compared to 85 thousand tons per day in December 2022 – November 2023. Also, Singapore is a significant provider of imported LSFO for the Chinese marine fuel marker (HK hub). Sales are backed by LSFO and low-sulphur crude grades imports from all over the world and domestic production at three Singapore refineries.