Marine fuel sales in Singapore, the world’s largest bunker hub, reached new highs in 2024, according to data released by the Maritime and Port Authority of Singapore (MPA) on Wednesday. The total volume of marine fuel sold in Singapore in 2024 was 54.92 million metric tons, surpassing the previous record of 51.82 million tons set in 2023. The increase in sales was largely driven by higher container throughput and a notable rise in deliveries of alternative marine fuels.
In 2024, container throughput in Singapore climbed to 41.12 million twenty-foot equivalent units (TEUs), also marking a record high for the year. Additionally, annual vessel arrival tonnage reached 3.11 billion gross tons (GT), setting another milestone.
The surge in bunker volumes can be attributed to a variety of factors. Shipping tensions in the Red Sea altered refuelling patterns, driving up demand for marine fuel. At the same time, shipowners increasingly adopted alternative fuels to help meet global emission reduction targets. Industry sources noted that these trends played a significant role in boosting fuel sales.
One of the standout developments in 2024 was a significant uptick in the sale of high-sulphur marine fuel, which rose by 21% to reach 20.15 million tons. This increase in high-sulphur fuel sales was linked to the growth of scrubber-equipped vessels, which can burn high-sulphur fuel without exceeding emissions limits. In contrast, sales of low-sulphur marine fuels fell by 4% year-on-year, totaling 29.58 million tons.
A significant milestone was also reached in the sales of alternative marine fuels, which exceeded one million tons for the first time. These alternative fuels, which include biofuels and liquefied natural gas (LNG), reached a total of 1.34 million tons, doubling from 2023. Among these, biofuel blends saw a notable increase, growing by 69% to about 880,000 tons. Meanwhile, LNG sales for bunkering surged by over 300%, reaching more than 460,000 tons, further highlighting the shift toward more sustainable marine fuel options.
Overall, the record marine fuel sales in Singapore underscore the growing importance of the port as a key hub for both traditional and alternative marine fuels, alongside the broader trends of shipping industry innovation and sustainability.
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