Marine fuel sales in 2024 break records at Singapore hub

According to official figures released, record container throughput and increased supply of alternative marine fuels drove marine fuel sales to new heights in Singapore, the largest bunker hub in the world, in 2024. According to figures from the Maritime and Port Authority of Singapore (MPA), sales in 2023 amounted to 54.92 million metric tons. In 2023, total sales exceeded a previous high of 51.82 million tons.

In 2024, container throughput reached a record-breaking 41.12 million twenty-foot equivalent units (TEUs). At the same time, the yearly tonnage of vessels arriving reached a new high of 3.11 billion gross tons (GT). According to industry sources, shipowners hoisted more alternative fuels to assist emission reductions, while maritime tensions in the Red Sea changed refueling patterns and boosted demand for marine fuel, which led to an increase in bunker volumes in 2024.

According to estimations based on MPA data, the year also saw noticeably increased sales of high-sulfur marine fuel, with volumes totaling 20.15 million tons, up 21% from 2023. Sales of high-sulfur marine fuel increased as the number of ships having scrubbers increased. Low-sulfur gasoline sales, on the other hand, fell 4% annually to 29.58 million tons. According to MPA, sales of alternative bunker fuels doubled from 2023 to 2024, surpassing one million tons for the first time at 1.34 million tons. Sales of liquefied natural gas for bunkering more than quadrupled to over 460,000 tons, while sales of biofuel blends increased to around 880,000 tons, up more than 69% from 2023.