Singapore bunker sales rebound in March

Sales of marine fuel, also known as bunker fuel, recovered at top refuelling hub Singapore in March as vessel calls for bunkering reached more than two-year highs, official data showed Friday.

Bunker sales are an indicator of sentiment at one of the world's most major ports and demand also affects fuel oil refining margins in Asia.

Singapore's bunker sales in March rose to 4.18 million tons, up 10%MoM and 11%YoY, Maritime and Port Authority data showed.

The rise reflected increasing vessel calls for bunkering, which hit more than two-year highs at 3,476 calls in March.

Demand improved after a lackluster February, when sales hit eight-month lows.

Lower upstream crude oil prices in March, which led to lower outright prices for bunkers, encouraged slightly more buying inquiries, trade sources said.

Volumes rose in March for all key bunker grades, including low-sulphur fuel oil, high-sulphur fuel oil and marine gasoil.

Bunker sales of LSFO grades totaled 2.58 million tons, up 10%MoM, the data showed.

Sales of HSFO grades totaled 1.24 million tons, up 11% from February while marine gasoil sales rose 9% to 330,200 tons.