Marine fuel sales at Singapore, the world's leading bunkering hub, achieved a record high in 2023, reaching 51.82 million metric tons, surpassing the previous peak in 2017. The surge was propelled by a boost in container throughput, setting a new record at 39.01 million 20-foot equivalent units (TEUs). Vessel arrival tonnage also exceeded 3 billion gross tonnage for the first time. High-sulphur fuel oil (HSFO) market share expanded to 32%, attributed to more scrubber-installed vessels. Low-sulphur fuel oil (LSFO) market share contracted to 59%, while biofuel bunker sales tripled, reaching 520,000 tons in 2023.

Source: Reuters