The Maritime Port Authority of Singapore (MPA) announced that the preliminary figures of marine fuel oil sales volumes at the port of Singapore in March were at 4.77 mil mt, up 296,210mt (6.6%) on year, and 90,870mt (1.9%) on month. Supply concerns emerged in the wake of the war in Iran in early March. As a result, demand from shipping companies surged. However, from mid-March onwards, last-minute demand subsided and sales volume in March was largely unchanged from February.

Sales volumes of MFO (high sulfur fuel oil) were at 1.93 mil mt, up by 315,630mt on year, and up by 103,030mt on month. Those of LSFO were at 2.34 mil mt, up by 5,600mt on year, and up by 27,530mt on month. Those of LSMGO was at 346,600mt, up by 13,110mt on year, but down by 23,900mt on month. Those of Bio-blended LSFO were at 77,600mt, down by 16,160mt on year, but slightly up by 90 mt on month.

MFO accounted for 40.59% of all sales volumes of bunker fuels, while the proportion of the new fuels including bio-diesel, LNG, methanol and so on was 2.97%.

The average price for VLSFO in March was at $924.18, up $438.43/mt from $485.75/mt in February, according to a survey conducted by Rim Intelligence.