Singapore bunker sales volumes in November fell about 7 percent from the previous month as record high prices dampened demand from shipowners, traders and shipowners said on Thursday. Singapore bunker sales slipped 198,000 tonnes to 2.523 million tonnes in November, and down nearly 14 percent from August's record high of 2.925 million tonnes, official government data showed.
"It's because of the record high prices last month. Shipowners are becoming more stringent about their intake at these levels," a Singapore-based bunker supplier said.
Singapore bunker prices hit a record high of $508 a tonne on November 9, pushed higher by robust crude oil values, curtailing demand from shipowners. In November, Singapore bunker prices averaged about $478.80 a tonne, up $14.80 from the previous month.