Singapore's bunker sales up 12% in May
Marine fuel sales in Singapore surged 12 per cent to an all-time high in May from the previous month, after falling 7.7 per cent in April, government data showed on Monday.
Bunker sales in the world's top bunker port jumped to a record high of 3.23 million tonnes last month, compared with 2.88 million tonnes in April and 3.13 million tonnes in March - the previous record level - the Maritime and Port Authority said on its website.
May bunker sales were up 11 per cent from a year earlier.
Some traders said the surge in bunker prices in regional ports had diverted shipowners to Singapore, which historically has offered cheaper rates.
A total of 11,187 vessels called at Singapore's port in May, up about 4.6 per cent from April, but down 2.1 per cent from the year-ago period, data from the MPA website showed.
'The prices in Singapore were generally cheaper than other ports like Tokyo and Hong Kong, which made it more attractive for shhipowners to come here,' said a local bunker trader.
In May, Singapore bunker prices averaged around $346 per tonne, which was about 9 per cent cheaper than Tokyo, and around 1.7 per cent lower than Hong Kong, Reuters calculations showed.
Bunker sales in the world's top bunker port jumped to a record high of 3.23 million tonnes last month, compared with 2.88 million tonnes in April and 3.13 million tonnes in March - the previous record level - the Maritime and Port Authority said on its website.
May bunker sales were up 11 per cent from a year earlier.
Some traders said the surge in bunker prices in regional ports had diverted shipowners to Singapore, which historically has offered cheaper rates.
A total of 11,187 vessels called at Singapore's port in May, up about 4.6 per cent from April, but down 2.1 per cent from the year-ago period, data from the MPA website showed.
'The prices in Singapore were generally cheaper than other ports like Tokyo and Hong Kong, which made it more attractive for shhipowners to come here,' said a local bunker trader.
In May, Singapore bunker prices averaged around $346 per tonne, which was about 9 per cent cheaper than Tokyo, and around 1.7 per cent lower than Hong Kong, Reuters calculations showed.