Almost 25% of total bunker product sales in Singapore refueled ships that are scrubber-fitted high-sulphur fuel oil (HSFO) in July, thereby reaching the level that is greatest of HSFO sales so far in 2020 with 24% of total bunker sales – or 988,000 tonnes.
Despite general uncertainty in the markets, and need that is low shipping, total bunker sales in Singapore reached a four-months high in July. The month showed a 7% development as a whole bunker sales compared with all the period that is same year, and 8.5% growth from last thirty days, with total July bunker sales reaching 4,157.7 thousand tonnes.
“Some pundits argued that the IMO 2020 sulphur legislation will function as the demise of high-sulphur fuel oil for the shipping industry that is worldwide. BIMCO argued differently, plus the known fact that high-sulphur fuel oil item sales now accumulate to 24% of total product sales has perhaps maybe not taken us by surprise,” says Peter Sand, BIMCO’s Chief Shipping Analyst.
“In fact, we anticipate that the share taken up by high-sulphur fuel oil sales will continue steadily to increase as this advances, due to a larger share of this fleet getting scrubber-fitted,” Sand says 12 months.
Low-sulphur fuel oil refuels the lions’ share of the fleet
Execution of the IMO 2020 sulphur that is global saw a major interruption in the share split between high-and low-sulphur fuel oil, with the latter burning up 84% of the share in February. The share of total sales occupied by the fuels that are low-sulphur declined to 76% in July in recent months. The change mirrors the increase in the amount that is real of fitted with a scrubber. Almost 25% of total bunker product sales in Singapore refueled ships.