Singapore Bunker Sales Hit Two-Month low in November

Sales of marine bunker fuel at Singapore retreated to a two-month low in November after soaring in October, data from Maritime and Port Authority of Singapore (MPA) showed.

Bunker sales at the world's biggest ship refueling hub totaled 4.46 million metric tons in November, down 8.5% month-on-month but higher by 4.6% from a year ago, the data showed.

Total vessel calls for bunkering fell 4.5% from the prior month to 3,296 in November, while container throughput dipped 4.7% to 3.34 million twenty-foot equivalent units (TEUs).

Volumes for the mainstay low-sulfur fuel oil grade totaled 2.4 million tons in November, down 4.6% from October, while volumes for high-sulfur marine fuel eased 13.1% to 1.58 million tons after reaching multi-year highs in October.

Spot demand has been largely lukewarm in November, with some market participants noting that the trend is extending into December. Bunker premiums have trended down to five-month lows this month, with some aggressive daily offers seen in the market, said sources.

Marine gasoil sales also softened month-on-month, totaling 338,300 tons for November.

Meanwhile, marine biofuel sales also retreated but remained above 100,000 tons, which was still a strong volume according to market participants.

More deliveries of marine biofuel have emerged this quarter amid liftings from major liners such as CMA CGM, which is in talks for a bigger biofuel bunker contract next year, said sources.

As for liquefied natural gas, bunker volumes fell 45.6% month-on-month to 27,500 tons, though market participants expect volumes to pick up from next year.

The MPA has launched an expression of interest to gather proposals for scaling up LNG for bunkering or ship refueling, it said last week.

(Reuters - Reporting by Jeslyn Lerh; Editing by Varun H K)