World Maritime News
WMNF 22/01/2025
Singapore breaks bunker sales record
Bunker sales in Singapore registered a new high of 54.92m tonnes in 2024, an increase of 6% on 2023’s figure. According to the Maritime and Port Authority of Singapore, the world’s biggest bunkering hub supplied more than a sixth of the total fuel used by global shipping last year. Alternative bunker sales topped 1m tonnes for the first time, reaching 1.3m in 2024. The more than 100% increase in 2023 was driven mainly by biofuel blend sales, which grew from 520,000 tonnes in 2023 to 880,000 tonnes in 2024. The port’s bunker success also follows a healthy year of teu throughput. Singapore registered a throughput of 41m teu. That’s up from 39m teu in 2023, the Maritime and Port Authority of Singapore said, representing a 5% increase. MPA said 90% of Singapore’s container throughput is for transshipment to other destinations, making it the largest transshipment hub in the world.
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South Korea launches $680m green fuel infrastructure fund
South Korea is launching a green marine fuel infrastructure fund to support the development of environmentally friendly fuel facilities and bunkering vessels. The fund, co-established by the Ministry of Oceans and Fisheries and the Korea Ocean Business Corporation (KOBC), will invest a total of Won1trn ($680m) by 2030, according to a government statement. Of the total, Won600bn will be allocated for building port storage facilities for LNG, methanol, and ammonia, while Won400bn will be earmarked for constructing four bunkering vessels. The fund’s first project will involve the construction of additional liquid cargo storage facilities at Hyundai Oil Terminal in Ulsan at a total cost of Won240bn. Of this, Won130bn will be provided by the fund to stabilize methanol fuel demand for both domestic and international vessels.
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Biofuels gaining ground but price and scarcity a risk
Biofuels’ moment is coming, but it may not last, according to DNV. The class society said biofuels offered significant benefits in cutting emissions and complying with emissions rules like the Carbon Intensity Indicator, the EU Emissions Trading System, and FuelEU Maritime. Biofuels present a promising decarbonization option for shipowners, and it’s encouraging to see steady growth in the number of bunkering ports offering biofuels in recent years, said DNV Maritime chief executive Knut Orbeck-Nilssen. However, the long-term future of the maritime biofuel market hinges on the availability of sustainable biomass at an affordable level, as well as competition with other sectors. Global production of liquid biofuels — ethanol, fatty acid methyl ester and hydrotreated vegetable oil — reached about 111m tonnes of oil equivalent in 2023, and biogases about 41m tonnes of oil equivalent. Shipping uses a tiny share of 700,000 tonnes of oil equivalent, or 0.6% of global supply, while road transport consumes 98.9%. About half is bunkered in Singapore and Rotterdam.
Read more: Lloyd’s List