Maersk Oil Trading has emerged as the largest supplier of biofuel bunkers in Singapore in 2023, latest figures show.
The company, which was not even in the top 10 suppliers in 2022, takes over the top spot from US oil major Chevron, which slipped to second place, according to data from the Maritime and Port Authority (MPA) of Singapore.
Rounding out the top five biofuel suppliers are BP Singapore in third place, Vitol Bunkers and Minerva Bunkering in fourth and fifth place, respectively.
Bunker sales of biofuel blends increased to 520,000 tonnes last year, more than triple the 140,000 tonnes supplied in 2022, according to the MPA.
“Biofuels blends of up to B30 are commercially available, while trials of up to B100 are ongoing,” the maritime regulator said.
Record-breaking year
In 2023, Singapore saw bunker sales reach a new annual record of 51.8m tonnes, surpassing the previous record of 50.6m tonnes supplied in 2017.
Alternative fuels made up just 1.2% of total bunkers supplied in Singapore last year, but the MPA said it expected this to continue with “good growth prospects in the coming year”.
Homegrown bunker supplier Equatorial Marine Fuel Management Services was the top overall bunker supplier in Singapore for the second year in a row.
TFG Marine, the bunker company founded by Trafigura and two John Fredriksen companies — Frontline and Golden Ocean — was in second place, up from third place in 2022.
Sinopec Fuel Oil was the biggest gainer in market share last year, jumping from 19th place to third place in the league table of bunker suppliers.
Compatriot PetroChina was in fourth place, down from second place in 2022. Vitol Bunkers rounded out the top five bunker suppliers last year.
The overall number of licensed bunker suppliers was down one from 2022 to 41 in 2023 amid stricter enforcement checks and few new licence awards.
Moves towards low-sulphur fuels and greener alternatives have reshaped the bunkering market, favouring larger suppliers with integrated supply chains and better access to capital.
