Sales of ship fuel in Singapore, the world’s biggest market for so-called bunker, rebounded from the lowest level in seven months on seasonal demand.
Bunker sales rose 5.5 percent to 3.51 million metric tons in October from 3.33 million tons in September, which was the lowest volume since February, the city-state’s Maritime and Port Authority said today in a statement on its website. October volume fell from 3.55 million tons a year earlier and was the third lowest this year.
“The market is still weak at this moment,” said Simon Neo, an executive director of Piroj International LLP, a Singapore- based bunker broker. “November and December volumes will be rather flat from current levels, as I don’t see much improvement in the economy.”
October volume gained from September because of busier shipping activity before the Christmas and New Year holidays, according to Neo.
To contact the reporter on this story: Winnie Zhu in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Alexander Kwiatkowski at email@example.com