Singapore marine fuel sales rise in June after 2-month decline, likely due to lower prices

[SINGAPORE] Singapore, the world’s largest bunkering hub, stemmed a two-month decline in marine fuel sales in June, edging up a modest 1.6 per cent year on year. The rise was notable and likely driven by lower bunker prices, an analyst said.

Sales of bunker or marine fuel were about 4.7 million tonnes last month, data from the Maritime and Port Authority of Singapore (MPA) published on Tuesday (Jul 14) showed, up 2.7 per cent over the month.

Mahua Mitra, head of marine fuels pricing for the Asia-Pacific at energy and commodity market intelligence provider Argus, told The Business Times that the better showing was likely supported by a sharp decline in bunker prices following the easing in crude oil markets.