Singapore Marine Fuel Sales Rise Amid Middle East Market Tensions

Marine fuel sales in Singapore increased in March 2026 as shipping vessels avoided the Middle East and the Strait of Hormuz following the outbreak of a US-Iran conflict. According to data from the Maritime and Port Authority of Singapore (MPA) published on April 14, 2026, total bunker volumes for the month reached 4.77 million tonnes.

The March volume represents a 1.9 per cent increase from the nearly 4.7 million tonnes sold in February 2026 and a 6.6 per cent increase compared to the same period in 2025. The growth in demand occurred despite a constrained supply of marine fuel in Asia caused by the effective closure of a Middle Eastern oil route.

Quarterly Performance and Projections

Total sales for the first quarter of 2026 reached 14.51 million metric tonnes, an 11.6 per cent increase over the first quarter of 2025. This growth follows a record annual total of 56.2 million metric tonnes of marine fuel sales in 2025.

If the sales levels observed in the first quarter of 2026 continue throughout the remainder of the year, the total annual volume is projected to reach 58 million metric tonnes, which would be a 3.3 per cent increase over 2025.

Fuel Product Breakdown

The growth in March was uneven across different fuel types, with high-sulphur fuel oil showing the most significant gains. Sales of delivered 0.5 per cent low-sulphur fuel oil (VLSFO) and high-sulphur marine fuel (MFO/HSFO) both climbed, reaching 2.34 million tonnes and 1.93 million tonnes, respectively.

High-sulphur fuel oil sales specifically jumped 19.5 per cent on a year-on-year basis and 5.6 per cent from February. HSFO accounted for 41 per cent of total March bunker sales, up from 36.5 per cent a year earlier.

Conversely, other fuel categories saw declines:

• Marine gasoil sales fell to 352,300 tonnes, marking a 10-month low.
• Liquefied natural gas (LNG) bunker sales dropped 16.9 per cent from February to 49,000 tonnes.
• Bio-blended marine fuel volumes decreased 0.4 per cent to 92,300 tonnes.

Market Constraints and Port Activity

While demand rose, market sources indicated that a sharp increase in bunker prices and premiums capped purchases during the second half of March. Prices for marine gasoil experienced the most significant surge due to tighter supply.

Increased fuel demand coincided with a rise in overall port activity. Vessel calls for bunkering increased 2.3 per cent to 3,502 calls in March. Container throughput at the port of Singapore rose 13.9 per cent from February, totaling 3.9 million twenty-foot equivalent units (TEU).