Singapore’s bunker demand hits record high in 2024

Market: Oil products
16/01/25

Bunker demand at the port of Singapore hit a record high of 54.9mn t in 2024, with Singapore remaining the biggest bunkering hub in the world.

Bunker demand jumped by 6pc on the year at the island nation, with total and conventional bunker sales reaching an all-time high, according to the Maritime and Port Authority of Singapore (MPA). "Singapore continues to be the world's largest container transshipment hub," said transport minister Murali Pillaiat the Singapore Maritime Foundation (SMF) New Year Conversations this week.

Total container throughput also hit a record high of 41.12mn twenty-foot equivalent unit (TEU) in 2024, surpassing 40mn TEUs for the first time, Pillai added. This was up from 39m TEUs in 2023. The number of tanker arrivals for the year reached 25,802, up from 24,763 in 2023.

Singapore's bunkering of alternative marine fuels also breached the 1mn t mark in 2024, with 882,830t of bio-fuel blends and 463,948t of LNG bunkered at the port. Bunkering of bio-blends, using very-low sulphur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome), jumped by 51pc from 518,000t in 2023 to 779,900t in 2024.

Demand for high-sulphur fuel oil (HSFO)-based B24 rose to 89,300t in 2024, from only 5,600t bunkered in 2023, as blending HSFO with Ucome picked up. This was supported by more scrubber installations by ship owners and the push to meet green savings targets set by the International Maritime Organization's (IMO) Carbon Intensity Index (CII) and EU-led FuelEU Maritime.

Among other alternative marine fuels, LNG bunkering more than quadrupled to 463,900t in 2024 versus 110,900t. Interest to bunker LNG has surged among ship owners in this region since 2024, in an effort to again meet the compliance requirements set by IMO and EU.

Methanol for bunkering demand remained modest with sales registered only for one month last year, 1,626t in May.

Singapore VLSFO demand declined by 3.7pc from 2023 to 29.6mn t in 2024. Its HSFO demand grew for the fifth year in a row to 20.2mn t in 2024, and was up by 21pc from 2023. Singapore's marine distillates sales rose by 2pc from 2023 to 3.8mn t in 2024, but fell from its 2020 peak of 4.7mn t.

Ranking

MPA also published a list of its five top biofuel bunker and top 10 conventional bunker suppliers in 2024, which showed some reshuffling.

South Korean refiner SK Energy joined Singapore's top five biofuel suppliers in 2024, but it was not on MPA's list of 14 registered biofuel bunker suppliers in 2023. BP had ranked third in 2023, but fell out of the top five in 2024. Chevron, Maersk, Minerva and Vitol were Singapore's other top five biofuel bunker suppliers.

Glencore entered the top 10 ranking of conventional marine fuel suppliers in 2024, after it ranked 11th in 2023. Shell ranked ninth in 2023, but dropped out of the top 10 in 2024. The companies which remained in the top 10 were BP, Chevron, Eng Hua, Equatorial, Global Energy, Petrochina International, Sinopec Fuel Oil, TFG Marine and Vitol.

Among these, Equatorial, TFG Marine and Chinese suppliers, Petrochina International and Sinopec Fuel Oil, made up the top ranks by volumes in 2023. There were a total of 41 conventional bunker suppliers in Singapore in 2023.

By Mahua Chakravarty and Stefka Wechsler

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

07/05/25

Asian airlines divert, cancel flights to avoid Pakistan

Singapore, 7 May (Argus) — Asian airlines have announced diversions or cancellation of flights to avoid the Pakistani airspace, against the backdrop of escalating tensions between India and Pakistan. Most regional airlines' flights have been avoiding the airspace above Pakistan and neighboring west India regions since 6 May, according to data from FlightRadar24. Just a handful of flights flew over Pakistan shortly after Pakistan's Airports Authority issued a safety notice to pilots, known as Notam, announcing the reopening of airspace over Lahore and Karachi on 7 May. Pakistan announced a 48-hour closure of its airspace on 6 May, suspending all domestic and international flights following India's attacks on nine targets in Pakistan . India's flag carrier Air India has cancelled all its flights to and from domestic stations including Jammu, Srinagar, Leh, Jodhpur, Amrisar, Bhuj, Jamnagar, Chandigarh and Rajkot, until at least noon of 7 May. Singapore Airlines Group's Singapore Airlines (SIA) and budget arm Scoot have also been avoiding Pakistani airspace and using alternative flight paths since 6 May, according to the group. Two major Taiwanese airlines also announced their protocols in response to the situation. Taiwan's Eva Air said on 7 May that flights to and from Europe region might be influenced because of the closure of Pakistan's airspace. Fellow Taiwanese airline China Airlines have also cancelled or diverted at least six flights between Taiwan and Europe since 6 May in response to the escalating tensions. Escalating conflicts could cause prolonged disruptions on flight schedules between the Middle East and Pakistan, as well as between Asia and Europe. This comes at a time when regional airlines are already negatively impacted by flight disruptions in the Middle East . Pakistan is a typical jet fuel importer in South Asia. The country has imported around 6,600 b/d jet fuel in the first quarter of 2025, according to Pakistan's Oil Companies Advisory Council (OCAC). Pakistan's state-owned PSO has a market share of 99pc of the country's jet fuel market. By Lu Yawen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more

News

Fuel theft in Mexico rose 10pc in 2024: Pemex

06/05/25

News

06/05/25

Fuel theft in Mexico rose 10pc in 2024: Pemex

Mexico City, 6 May (Argus) — Mexican state-owned Pemex lost 10pc more product to fuel theft in 2024 despite increased surveillance and the detection of fewer illegal taps on its pipelines. Stolen hydrocarbons — mainly gasoline and diesel, but also including some fuel oil, jet fuel and even crude — amounted to 17,000 b/d in 2024, up from 15,400 b/d a year prior, according to its 2024 annual report filed with the US Securities and Exchange Commission. The rise came despite a 21pc drop in discovered illegal pipeline taps, which fell to 11,774 from 14,890 a year earlier. Pemex attributed the continued losses to the limited effectiveness of government efforts. "The actions we have taken in conjunction with the Mexican government to reduce the illicit fuel market have not produced sustained improvement in recent years," Pemex said. Under former President Andres Manuel Lopez Obrador's administration, Pemex implemented a stricter policy against fuel theft and moved some transition to truck from more theft-prone pipelines. But the illicit market remains widespread. The finance ministry has estimated that stolen or illicit fuel could supply up to 30pc of Mexico's 1.2mn b/d gasoline and diesel demand. Much of it enters as mislabeled imported refined products as petrochemicals, additives or biofuels, which are exempt from excise taxes. Earlier this month, the US administration said it uncovered a wide-ranging scheme by drug cartels to smuggle Mexican crude into the US, for sale in domestic markets or for re-exports. Pemex estimates 2024 losses to fuel theft at Ps20.53bn ($1.05bn), up from Ps20.17bn the previous year. Still, surveillance efforts helped reduce alerts from leak detection systems by 23pc, from 16,075 in 2023 to 12,414 in 2024. Pemex said all alerts were addressed and 18.4mn l (116,000 bl) of hydrocarbons were recovered. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US EIA will not release international outlook in 2025

06/05/25

News

06/05/25

US EIA will not release international outlook in 2025

Washington, 6 May (Argus) — The US Energy Information Administration (EIA) no longer expects to publish one of its major energy reports this year after losing some of its staff through President Donald Trump's efforts to downsize the federal workforce. The EIA does not plan to publish its International Energy Outlook (IEA) — which models long-term global trends in energy supply and demand — this year because of a loss of staff responsible for producing the report, according to an internal email initially reported by the news outlet ProPublica . The EIA confirmed the authenticity of the email. "At this point, you can assume that we will not be releasing the IEO this year," the EIA's Office of Energy Analysis assistant administrator Angelina LaRose wrote in the 16 April email. "This was a difficult decision based on the loss of key resources." Oil and gas producers, traders, utility companies, federal regulators and foreign governments have come to rely on the data and models from the EIA, an independent agency within the US Department of Energy. The 2025 version of the IEO might still be published early next year, the EIA said. The agency for now is focusing on trying to "preserve as much institutional knowledge as possible" with an "all hands-on deck" effort under which remaining staff will document models and procedures on long-term modeling, LaRose wrote in the email. Trump and his administration have worked to cut the size of the government's workforce through voluntary buyouts and a process known as a reduction in force. The EIA has yet to say how many personnel it has lost, but about a third of the agency's 350 staffers have accepted voluntary buyouts, according to a person familiar with the situation. The White House last week proposed an 18pc budget cut for the non-nuclear portions of the Department of Energy, but has yet to say if it is seeking to cut spending at the EIA. Last month, the EIA released its premier report, the Annual Energy Outlook , but omitted its traditional in-depth analysis. A technical issue on 1 May delayed the release of a key natural gas storage report by more than three hours, the EIA said. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Mexico's manufacturing contraction deepens in April

05/05/25

News

05/05/25

Mexico's manufacturing contraction deepens in April

Mexico City, 5 May (Argus) — Activity in Mexico's manufacturing sector shrank for a 13th straight month in April, with declines accelerating in production and new orders, according to a survey of purchasing managers. The manufacturing purchasing managers' index (PMI) fell to 45.5 in April from 46.9 in March, finance executives' association IMEF said, moving further below the 50-point threshold that separates growth from contraction. US tariffs imposed since March are adding pressure to Mexico's manufacturing sector, which makes up about a fifth of the national economy. The auto industry, responsible for roughly 18pc of manufacturing GDP, may be the hardest hit by the new measures, including a 25pc tariff on auto parts that took effect 3 May. Mexico remains the top exporter of vehicles to the US, supplying 23pc of all US auto imports in 2024. But IMEF said tariffs compound broader, mostly domestic headwinds, including reduced public spending and investor uncertainty stemming from sweeping legal and regulatory reforms. New investment has stalled since late 2024. The PMI index for new orders fell by 2.5 points to 41.8, the lowest since June 2020. Production dropped by 2.5 points to 43.6, while employment fell by 0.6 point to 46.4. New orders and production have now been in contraction for 14 straight months, and employment for 15. Inventories saw the steepest drop in April, falling 4 points to 46.3 — sliding from expansion to contraction — as manufacturers accelerated shipments after tariff implementation dates were confirmed. IMEF's non-manufacturing PMI — which covers services and commerce — remained in contraction for a fifth consecutive month but edged up by 0.5 points to 49.0 in April. Within that index, new orders rose by 0.6 points to 48.1, employment increased 1.3 points to 48.6 and production held steady at 47.5. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Alcmene withdraws ExxonMobil Miro shares offer

05/05/25

News

05/05/25

Alcmene withdraws ExxonMobil Miro shares offer

Hamburg, 5 May (Argus) — Austrian company Alcmene has withdrawn from its plans to buy ExxonMobil's share in German refining joint venture Miro. Alcmene told ExxonMobil of the withdrawal on 29 April, putting an end to a drawn-out sales process. ExxonMobil agreed in October 2023 to sell its 25pc stake in Miro, which operates the 310,000 b/d Karlsruhe refinery in Germany. The sale was initially put on hold by a court order following a petition by fellow shareholder Shell in April 2024. The court in Karlsruhe dismissed ExxonMobil's appeal in the final instance in July, prohibiting the company from selling its stakes without prior agreement by Shell. Shell holds 32.25pc in the venture, Russian state-controlled Rosneft has 24pc and US firm Phillips 66 has 18.75pc. Rosneft's German business has been under state trusteeship since September 2022. Rosneft plans to sell all of its German assets. By Natalie Müller and Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more