Source: Maritime and Port Authority of Singapore.
Singapore is the world’s largest bunkering port, where more than 50 million tons of bunkering fuels are sold each year. Its strategic location at the onset of the Strait of Malacca and its extensive petrochemical sectors make it one of the most suitable locations for bunkering. Before the regulations implemented in 2020 by the International Maritime Organization limiting the sulfur content of bunker fuels within emission control areas granting access to major ports in Europe and North America, Marine Fuel Oil (MFO) was the most sold bunker with a 95% market share.
By 2020, the standard became 0.5% sulfur content or less worldwide and 0.1% in emission control areas, which triggered a substantial shift to bunker fuels with lower sulfur content, particularly Low Sulfur Fuel Oil (LSFO), which has a 48% market share, and Low Sulfur Marine Gasoil (LSMGO), which has a 7% market share.