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Marine fuel sales at Singapore bunker hub hit record highs in 2024

Marine fuel sales reached fresh highs at the world's biggest bunker hub of Singapore in 2024, official data showed on Wednesday, driven by record container throughput and higher deliveries of alternative marine fuels.

Sales amounted to 54.92 million metric loads in 2023, information from the Maritime and Port Authority of Singapore (MPA) showed. Total sales went beyond a previous record of 51.82 million tons in 2023.

Container throughput reached 41.12 million twenty-foot equivalent units (TEUs) in 2024, likewise logging brand-new highs. On the other hand, annual vessel arrival tonnage grew to a fresh record of 3.11 billion gross lots (GT).

More bunker volumes emerged in 2024 as shipping tensions in the Red Sea modified refuelling patterns and buoyed marine fuel demand, while shipowners likewise lifted more alternative fuels to support emission cuts, said market sources.

Sales of alternative bunker fuels exceeded one million heaps for the very first time, reaching 1.34 million heaps in 2024, doubling from 2023, said MPA.

Sales of biofuel blends grew to 880,000 tons, up more than 69% from 2023, while sales of liquefied natural gas for bunkering rose to 460,000 tons, more than quadrupling.

(source: Reuters)