According to data from the Port Authority, traffic volume increased by 12% in January compared to a year ago. This is the second month of sharp increases as conflicts in the region cause ships to scramble to refuel at Asian hubs.
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“Overall, refueling demand should increase as sailing distances increase,” said Fotios Katsulas, lead tanker transportation and alternative fuels analyst at S&P Global Commodities Insights. He said: “This could increase by up to 5% if more ships avoided the Red Sea and some increased their speed to minimize the time on long-distance voyages.” This suggests an estimate of
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Overall sales of marine fuel in Singapore were 4.9 million tonnes in January, an increase of about 12%, according to the Maritime and Port Authority. In December, it reached 5.1 million tons, the highest monthly data volume since 1995.
The price of low-sulfur marine fuel (the most commonly used grade) in Singapore rose to $671 per tonne in January, about the same level as late last year, according to data from marine fuel company Clearlinks. 10% higher. Sourcing and analytics platform. This compares with a 6% rise in Brent crude oil in the same month.