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- Brief: Record Conventional & LNG Bunker Sales
Brief: Record Conventional & LNG Bunker Sales
The Port of Singapore's 2024 bunkering statistics show a record year for total bunker demand and sales of alternative fuels like LNG as shipping firms routed vessels away from Red Sea conflict risks.
Mobius Intel Brief:
The Port of Singapore’s 2024 bunkering statistics showed total bunker sales jumped 6% Y/Y to a new all-time high of 54.9 million metric tons as commercial vessels made longer voyages to avoid compounded disruptions at maritime chokepoints like the Red Sea and Panama Canal.
Key Intel
Why it matters: The Port of Singapore ranks second globally for container throughput, is consistently among the top 3 globally for total cargo tonnage, and is the world’s largest bunkering port.
Dual-Fuel Signals: The Singapore Port Authority’s 2024 statistics showed the headline record for total bunker sales was backed up by record demand for super-chilled natural gas — the emerging fuel of choice for the next generation of commercial shipping fleets. LNG bunker sales at Singapore gained 318% Y/Y to 464k metric tons.
Alternative Fuels: LNG wasn’t the only ‘alternative’ fuel to show significant annualized growth — sales of bio-blended conventional fuels like bio-blended low-sulfur fuel oil (LSFO) increased nearly 51% Y/Y to 780k metric tons in 2024. Sales of bio-blended LSFO at the Port of Singapore have grown at a CAGR of 629.4% since 2021’s total of 2.01k metric tons.
Extended Supply Lines: Singapore’s record sales reflect 2024’s disrupted supply lines from a) Houthi attacks on Red Sea commercial vessel traffic and b) drought-related transit restrictions through the Panama Canal. Mobius-monitored vessel tracking data shows total commercial vessel traffic through the Bab al-Mandeb entrance point of the Red Sea held at ~950 in March— over 60% below the 2,400 monthly transits observed in October 2023. Meanwhile, traffic around Africa’s Cape of Good Hope held at nearly 2,500 transits in March versus a Jan 2020-June 2023 average of 1,400/month.
