SINGAPORE, July 15 (Reuters) - Sales of marine bunker fuel at Singapore climbed 8.5% in the first half of 2024, official data showed on Monday, as shipping disruptions in the Red Sea boosted global bunkering demand.
Total sales at the world's largest vessel bunker hub were at 27.2 million metric tons, compared to 25.1 million tons last year, data from Singapore's Maritime and Port Authority (MPA) showed.
Conventional fuel sales, including residual fuel oils and marine gasoils, totalled 26.7 million tons, up 7.5% from last year.
Global bunkering demand edged up this year as Red Sea shipping disruptions forced vessels to take longer voyages and refuel more at key hubs, industry sources said.
Demand for alternative fuels also gathered pace as shipowners trial cleaner alternatives to cut emissions and to meet guidelines under the EU emissions trading system (ETS).
Bunker sales of marine biofuel blends at Singapore totalled 288,000 tons in the first half of this year, up 48.7% from the same period last year, based on MPA data.
"Demand for biofuels will see upside from larger vessels heading from Asia to Europe," said Ivan Mathews, consultancy FGE's head of Asia refining and global fuel oil service.
"As emissions from biofuels are given an emission factor of zero under the EU ETS, this should incentivize ships to bunker biofuels for voyages to Europe," said Mathews.
Meanwhile, liquefied natural gas sales were at 212,000 tons for the first half of the year, more than quadrupling from last year, the MPA data showed. (Reporting by Jeslyn Lerh; Editing by Varun H K)
