Maritime Port Authority Singapore (MPA) announced that the estimated marine fuel oil sales volume in May in Singapore was at 4.07 mil mt, rising by 146,800mt (3.7%) from the same month last year, but falling by 184,600 mt (4.3%) from the previous month of April.

The sales volume of high sulfur fuel oil (380cst) in May was at 950,400 mil mt, jumping by 265,200 mt from May 2020, but dropping by 107,600 mt from April 2021. Meanwhile, the sales volume of 180cst with a sulfur content of 0.5% or lower was at 216,100 mt, climbing by 139,500 mt from the same month last year, and up by 36,400 mt from the previous month. The sales volume of 380cst with a sulfur content of 0.5% or lower was at 1.99 mil mt, increasing by 74,700 mt from May 2020, but declining by 145,800 mt from April 2021. The sales volume of LSMGO was at 281,100 mt, dropping by 70,300 mt from the same month last year, and down by 16,900 mt from a month earlier.

Despite a rise in vessel numbers calling in the port of Singapore, the sales volume of bunker fuel oil declines a month earlier as they lost price competitiveness with China, especially in Zhoushan. The average price for VLSFO in May at Zhoushan, the lowest price in Asia, was at $ 488.07/mt, which was $4.81/mt lower than those in Singapore. Hence, it was expected that demand flew into China. In addition, bunker fuel oil couldn't be sold as planned often, reflecting a delay of vessel arrivals from Europe. As a result, the supply was carried over to the next month, which caused a decline in fuel oil sales.

The average price for VLSFO in May was at $492.88/mt, rising by $4.34 from $488.55/mt in the previous month of April, according to a survey conducted by Rim Intelligence.