Singapore raises bunker sales, India invests in alternative fuels: “Bunker Market. Prices” digest
- While bunker sales in the Far East ports of Russia are decreasing, bunker sales in Singapore are on the rise: in January-April 2023, they increased by 10%, year-on-year, to 16.6 million tonnes. The growth was driven by a combination of factors with the Chinese trade revival after Covid related restrictions were lifted being the key one. What caused the decrease of bunker sales in the Far East of Russia was described in our previous comment.
At the same time, India, which is among the world's major economies, unveiled plans to make green hydrogen-based fuels available at the nation's biggest ports by 2035. 12 should have facilities for LNG bunkering by 2030. Green hydrogen / green ammonia bunkering should follow by 2035, starting with Paradip, Kandla and Tuticorin.
The interest of the world's major economies to alternative fuels suggests that we should expect the increase in the number of vessels intended for transportation of such fuels in the mid- and long-term.
As for Russia, Saint-Petersburg will host the 16th All-Russia Forum "Current State and Prospects for the Development of the Russian Bunkering Services Market" on 22-23 June 2023.
Read more in the “Bunker Market. Prices” digest.
IAA PortNews’ bunker market digest issued twice a week offers operational information about the key industry events, statistics and analytics. It is mostly exclusive information not published on the portal or print outlets.
The digest includes:
- Indicative prices for bunker fuel are divided into three categories: fuel, high-sulfur and low-sulfur fuel oil, in USD and RUB
- The main factors that influenced the change in the cost of marine fuel
- Global bunker fuel prices
- Review of wholesale prices for petroleum products
- Information about ship calls
- Bunkering market news
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