Marine fuel sales at Singapore, the world’s largest bunkering hub, declined compared to the same period last year in May, though a month-on-month recovery suggests the market may be finding its footing after a turbulent start to 2026.
According to data released by the Maritime and Port Authority of Singapore (MPA) and analysed by Ship & Bunker, total bunker sales in May reached 4.48 million mt — down 7.4% from May 2025, but up 3.9% from April’s volume. The result fell short of the 4.72 million mt recorded in March, when the outbreak of the Iran war temporarily lifted demand at the port.
Year-to-Date Picture Remains Broadly Positive
Despite the softer year-on-year comparison in May, cumulative sales for the first five months of 2026 reached 23.3 million mt, according to Ship & Bunker — up 5% from 22.2 million mt in the same period last year. Singapore set a record annual total of 56.2 million mt in 2025. Ship & Bunker notes that if the current pace is maintained across the full year, 2026 would finish at approximately 55.91 million mt, marginally below last year’s record.
Product-by-Product Breakdown
Ship & Bunker reports the following breakdown for May:
- VLSFO — 2.29 million mt, down 6.5% year-on-year but up 4.7% from April
- HSFO — 1.79 million mt, down 5.2% on the year and up 0.4% from April; HSFO’s share of total sales rose to 40.1%, up from 39.2% in May 2025
- Distillates (MGO) — 328,200 mt, up 28.2% from April but down 4.6% year-on-year; Ship & Bunker attributes the sharp monthly rebound to MGO prices easing from earlier highs tied to Iran war supply disruption fears
- Marine biofuel blends — 60,800 mt, marking the third consecutive monthly decline and the lowest level since January 2026; down 56.9% year-on-year and 18.3% month-on-month; notably, B100 sales hit a record 12,800 mt — the highest monthly volume since records began in January 2025
- LNG bunkers — 70,300 mt, the highest since January 2023, up 56.2% year-on-year and 65.8% month-on-month
- Methanol — no sales recorded; methanol has not been reported since February 2026
- Ammonia — no sales recorded
Vessel Calls and Stem Sizes
Singapore recorded 3,690 bunker calls in May, up 1.5% year-on-year and 7.3% from April, as reported by Ship & Bunker. Despite the increase in calls, the average stem size fell to approximately 1,214 mt — below April’s 1,253 mt and the 12-month average of 1,329 mt.
Total gross tonnage visiting Singapore reached 278 million GT in May, a 1.1% increase year-on-year. Container and tanker tonnage rose, while bulker tonnage declined.
Does This Matter to You?
For those operating in or around Singapore’s marine fuel market, the May data presents a mixed but telling picture. The year-on-year decline reflects the outsized demand spike that occurred in March following the Iran war outbreak, making comparisons more challenging. However, the month-on-month recovery, combined with strong year-to-date volumes, suggests underlying demand remains relatively firm.
The continued rise in LNG bunker sales points to growing adoption of alternative fuels in the region, while the third consecutive drop in biofuel blend sales — despite record B100 volumes — raises questions about blending economics and buyer preferences. The ongoing absence of methanol bunker transactions since February may be of interest to those monitoring fuel switching trends in the region.
Ship & Bunker also notes that bunker prices may come under pressure in June following a US-Iran agreement aimed at reopening the Strait of Hormuz, though the market could remain volatile if the agreement fails to hold.
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)
