Analysis: Singapore bunker sales remain resilient despite strong headwinds

S&P Global Platts | Nov 5, 2020 at 6:15 AM
  • Singapore’s bunker sales are expected to remain steady to slightly higher throughout 2020 on a year-on-year basis, despite expectations of dwindling global demand for bunker fuels as the coronavirus pandemic continues to dent demand for many commodities, including marine fuel.
  • This comes as some industry forecasts point to a 7%-17% drop in global bunker sales for the year as the industry that had to earlier transition to the International Maritime Organization’s low sulfur mandate has been hammered by tough market conditions worldwide and faces amplified credit risks in these uncertain times.
  • Singapore mandated the use of MFMs for fuel oil deliveries from Jan. 1, 2017 and the use of MFMs for all distillate bunker deliveries from July 1, 2019.