Singapore's bunker demand reached a record high of 54.9 million tons (mn t) in 2024, confirming its status as the world's leading bunkering hub. According to the Maritime and Port Authority of Singapore (MPA), bunker sales, including conventional and alternative fuels, rose 6% year-on-year.
Transport Minister Murali Pillai, speaking at the Singapore Maritime Foundation’s New Year Conversations, noted that Singapore remains the largest container transshipment hub globally. The port also saw its total container throughput hit a record 41.12 million TEUs (twenty-foot equivalent units), surpassing 40 million TEUs for the first time, a 5% increase from 2023.
The number of tanker arrivals in 2024 climbed to 25,802, up from 24,763 in 2023. Bunkering of alternative marine fuels reached a significant milestone, exceeding 1 million tons. Of this, 882,830 tons were bio-fuel blends, and 463,948 tons were LNG. Demand for bio-blends surged by 51% from 2023, driven by the use of very-low sulfur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome).
High-sulphur fuel oil (HSFO)-based B24 demand also grew significantly, reaching 89,300 tons in 2024, compared to just 5,600 tons the previous year. This increase was driven by more scrubber installations and efforts to meet the International Maritime Organization’s (IMO) Carbon Intensity Index (CII) and EU-led FuelEU Maritime targets.
LNG bunkering experienced a fourfold increase to 463,900 tons in 2024, driven by rising interest among ship owners aiming for compliance with IMO and EU regulations. Meanwhile, methanol bunkering demand remained modest, with only 1,626 tons sold in May.
Singapore's VLSFO demand declined by 3.7% to 29.6 million tons in 2024, while HSFO demand continued to rise, reaching 20.2 million tons, a 21% increase from 2023. Marine distillate sales grew 2% to 3.8 million tons, although it remains below the 2020 peak of 4.7 million tons.
The MPA also published its rankings of top suppliers, revealing shifts in the market. South Korea's SK Energy joined the top five biofuel bunker suppliers, while BP dropped out. In conventional bunker fuels, Glencore entered the top 10, and Shell fell out. Other top suppliers include Chevron, Maersk, Vitol, and BP.
With 41 conventional bunker suppliers in 2023, Singapore’s bunkering market continues to show dynamic growth, cementing its global leadership.
