Singapore has achieved a remarkable milestone in 2024 by breaking its previous records in bunker fuel sales, solidifying its position as the world’s largest bunkering hub. The Maritime and Port Authority of Singapore (MPA) reported that total marine fuel sales reached an impressive 54.92 million metric tons, surpassing the previous record of 51.82 million tons set in 2023. This surge in sales is attributed to increased container throughput and a growing demand for alternative marine fuels.
Key Takeaways
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Singapore’s bunker fuel sales reached 54.92 million metric tons in 2024.
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The previous record was 51.82 million tons in 2023.
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Container throughput climbed to 41.12 million TEUs in 2024.
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Alternative fuel sales exceeded 1 million tons for the first time.
Record-Breaking Sales Figures
The MPA’s data highlights several key statistics that contributed to this record-breaking year:
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Container Throughput: The port handled 41.12 million twenty-foot equivalent units (TEUs), marking a significant increase in maritime activity.
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Vessel Arrival Tonnage: The total vessel arrival tonnage reached a new high of 3.11 billion gross tons (GT).
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High-Sulphur Marine Fuel: Sales of high-sulphur marine fuel rose by 21% to 20.15 million tons, driven by a higher number of vessels equipped with scrubbers.
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Low-Sulphur Fuel: In contrast, low-sulphur fuel sales decreased by 4% to 29.58 million tons.
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Alternative Fuels: Sales of alternative bunker fuels reached 1.34 million tons, doubling from the previous year, with biofuel blends accounting for about 880,000 tons and liquefied natural gas (LNG) for bunkering exceeding 460,000 tons.
Factors Driving Growth
Several factors have contributed to Singapore’s record-breaking bunker sales:
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Increased Shipping Tensions: Ongoing shipping tensions in the Red Sea have altered refueling patterns, leading to heightened demand for marine fuel.
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Environmental Regulations: Shipowners are increasingly adopting alternative fuels to comply with stricter emission regulations, boosting sales of eco-friendly options.
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Infrastructure and Services: Singapore’s robust maritime infrastructure and efficient services continue to attract shipping companies, enhancing its status as a global bunkering hub.
Future Outlook
As Singapore continues to lead in bunker fuel sales, the focus on sustainability and alternative fuels is expected to grow. The maritime industry is likely to see further investments in cleaner technologies and infrastructure to support the transition towards greener shipping practices. With the global shipping landscape evolving, Singapore’s adaptability and commitment to innovation will be crucial in maintaining its competitive edge in the bunkering sector.
In conclusion, Singapore’s achievement in breaking bunker sales records not only underscores its significance in the global maritime industry but also highlights the ongoing shift towards sustainable practices in shipping. The future looks promising as the city-state continues to navigate the challenges and opportunities within the maritime sector.
Sources
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Singapore breaks bunker sales record, Lloyd’s List.
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Marine Fuel Sales In 2024 Break Records At Singapore, Marine Link.
