Singapore bunker fuel sales volume for October remained above 2 million tonnes, despite high outright prices during the month, according to figures released by the Maritime Port Authority on Friday. The total volume of marine fuel - including the benchmark 380-centistoke (cst) bunker fuel, 180-cst, marine diesel oil and marine gas oil - was 2.005 million tonnes, down slightly from September's all-time high of 2.02 million tonnes.
Compared with the same month last year, volumes rose by about 15.5 percent from 1.74 million tonnes, the authority said.
Some traders were surprised at the sales volume, the second highest for the year, as fuel oil cargo prices hit a peak in October.
The average 380-cst price for the month was $198.31 a tonne, the highest monthly value for the year to date. For much of the month, outright 380-cst cargo prices were at a record above $200 a tonne.
"The sales volume is quite surprising as prices were sky-high, demand was not fantastic and margins were poor," said a Singapore-based bunker trader.
"Most suppliers were selling spot bunkers at discounts of $2-$5 a tonne to cargo values. While there is a certain basic volume that will get done, 2 million tonnes is on the high side."
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