Singapore’s marine fuel market posted a robust recovery in March, with total bunker sales climbing 6.5% year-on-year and 2.3% month-on-month to 4.72 million metric tonnes (mt), according to data published by the Maritime and Port Authority of Singapore (MPA) and analysed by Ship & Bunker. The result marks a sharp rebound from February, which had been the port’s weakest month since June 2025, and coincides with the outbreak of conflict involving Iran at the end of February.
A Strong Start to 2026
The March figures pushed Singapore’s first-quarter total to 14.51 million mt — an 11.6% increase compared to Q1 2025, as reported by Ship & Bunker. For context, the port set a record annual total of 56.2 million mt in 2025. Ship & Bunker notes that if Q1 2026 sales levels were sustained throughout the rest of the year, the full-year figure would reach approximately 58 million mt, representing a 3.3% year-on-year rise.
HSFO Leads Fuel-Type Growth
The most notable shift in the product mix was in high-sulphur fuel oil (HSFO). According to Ship & Bunker, HSFO volumes rose 19.5% year-on-year and 5.6% month-on-month to 1.93 million mt in March — now accounting for 41% of total bunker sales, compared to 36.5% a year ago.
Other fuel categories showed more mixed results:
- VLSFO reached 2.33 million mt, up just 0.2% year-on-year and 1.2% month-on-month
- Distillates climbed 5.6% year-on-year to 352,300 mt, though they fell 5.8% from February’s level
- Biofuel blends declined significantly, dropping 36.5% year-on-year and 0.4% month-on-month to 92,400 mt
- LNG bunker sales rose 25.6% year-on-year but fell 17% month-on-month to 49,000 mt
- No methanol or ammonia bunker sales were recorded during the month
Ship & Bunker notes that the sharp drop in distillate volumes from February may be linked to elevated MGO prices, which saw the steepest price impact of any fuel type following the Middle East escalation.
Prices Surge to Multi-Year Highs
Bunker prices in Singapore rose dramatically in March following strikes on Iran by US and Israeli forces on February 28. According to Ship & Bunker, Iran subsequently launched attacks on US military bases in the Gulf and on vessels transiting the Strait of Hormuz, disrupting one of the world’s most critical oil shipping corridors.
Ship & Bunker’s price data shows that Singapore’s average VLSFO price in March reached $920/mt, up from $569/mt in February and $517.50/mt in March 2025. MGO averaged $1,624/mt — more than double February’s $686/mt and well above the $648/mt recorded in March of last year. The publication’s G20-VLSFO Index, covering 20 major bunkering ports, averaged $911.50/mt in March, compared to $518.50/mt in February and $555.50/mt a year earlier.
More Vessels Calling at Singapore
Total gross tonnage visiting Singapore in March reached 275.9 million GT, a 6.9% year-on-year increase, as reported by Ship & Bunker. The container segment drove the largest portion of this growth, adding 8.9 million GT year-on-year. Tanker calls contributed an additional 5.2 million GT, while bulk carrier visits rose by 635,000 GT.
Despite the heavier traffic, the total number of bunker calls edged down 0.6% year-on-year to 3,502, though this was 2.3% higher than February’s tally. The average stem size for conventional and biofuel bunkers in March stood at approximately 1,346 mt, slightly above the 12-month average of 1,338 mt, according to Ship & Bunker.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker, Maritime and Port Authority of Singapore (MPA)
