The Singapore bunker market recorded its highest monthly sales volume for the year in December 2019, and uptake of low sulfur bunker fuel finally brought some optimism back into the market as it falls in line with IMO 2020. The International Maritime Organization’s global sulfur cap, which kicked in January 1, has been the major talking point in the oil and shipping industry for the past three years. The release of preliminary December sales numbers for Singapore bunker fuel last week showed how the market adjusted physically to prepare for the new regulation. Bunker sales slip in 2019 Maritime and Port Authority of Singapore data for 2019 showed sales volume slipping 4.7% year on year to 47.46 million mt. This was a deeper fall than the 1.65% year-on-year decrease seen in 2018 from the record 50.64 million mt sold in 2017. The headline figure may have concealed an otherwise phenomenal transformation, not achieved at any other port at such scale. On the surface it might look like Singapore is gradually ceding market share to ports elsewhere globally, as competition increases particularly from China’s Zhoushan, which has a high-profile aspiration of becoming a bunkering hub. Bunker sales from the Chinese port… continue reading
Continue reading Nimble Singapore bunker market swiftly adjusts to IMO 2020. This article appeared first on CTRM Center.
Source: CTRM Center