The average stem size in Singapore was around 1,300 mt in January, which is down from the peak of 1,400 mt in December. But the stem size was still bigger compared to the average stem size of around 1,200 mt across 2023, according to the Maritime and Port Authority of Singapore (MPA) data.
About 4.85 million mt of bunkers were sold in January, with 3,751 ships calling in for bunkers. Bunker-only calls increased for the second consecutive month in January.
The source says that several buyers are looking to bunker bigger parcel sizes in Singapore, as they prepare to take a longer voyage around the Cape of Good Hope. According to ENGINE data, more than 60 large stems (including VLSFO, HSFO and LSMGO) were booked in Singapore in January. These stems were made up of parcel sizes of 500-1,500 mt and above 1,500 mt. Coming into February, similar parcel sizes have been booked so far.
Singapore’s VLSFO prices are typically lower compared to other regional bunker ports, such as Malaysia’s Port Klang and Sri Lanka’s Colombo, which makes it a preferred choice for shipowners to bunker bigger stems. Meanwhile, VLSFO supply is very tight in South Africa’s Durban and Richards Bay, making it very difficult for ships looking for bunkers in these locations. Durban’s VLSFO is priced $165/mt higher than Singapore’s.
Source: ENGINE
