Rotterdam, the world's second-largest marine fuels hub, witnessed a notable downturn in 2023, marked by a decline to its lowest bunker fuel sales level in over four years during the fourth quarter. According to data published on Thursday, January 18th, 2024, by the Port of Rotterdam, total conventional and biofuel sales plummeted to 2.085 million metric tonnes in the last three months of the year. This figure represented a significant 11.3% drop from the previous quarter and a staggering 27.9% decline from the same period in 2022, marking the lowest quarterly sales since the third quarter of 2019.
The annual total bunker fuel sales for Rotterdam in 2023 stood at 9.633 million metric tonnes, reflecting an 8.3% decrease from the previous year and marking the lowest annual figure since 2021. Delving deeper into the breakdown of 8 bunker fuel types,
Very Low Sulphur Fuel Oil (VLSFO) sales experienced a sharp decline of 33.3% year-on-year to 681,375 tonnes in the fourth quarter.
High Sulphur Fuel Oil (HSFO) sank by 23.5% to 643,218 tonnes.
Ultra Low Sulphur Fuel Oil (ULSFO) dropped by 41.2% to 166,289 tonnes.
Marine Gas Oil (MGO) fell by 9.1% to 213,408 tonnes.
Marine Diesel Oil (MDO) saw a slight increase of 2.6% to 148,177 tonnes.
Biofuel blend sales also slipped by 13.7% to 232,607 tonnes in the same period.
Interestingly, amidst the downturn in conventional and biofuel sales,
Additionally, Rotterdam noted 500 metric tonnes of bio-methanol bunker sales in the three-month period, further diversifying its bunker fuel portfolio.
Rotterdam Bunker Performance 2023
The annual figures reveal a broader narrative, with Rotterdam's total bunker fuel sales in 2023 at 9.633 million metric tonnes, marking an 8.3% reduction from the previous year and the lowest annual figure since 2021.
This downturn in bunker fuel sales in Rotterdam is not isolated; it is part of a broader context of pricing volatility in different markets.
On the other hand, amidst market volatility, Singapore showcased resilience and growth in bunker fuel sales. The Port of Singapore, renowned as a global maritime hub, witnessed robust performance in vessel arrivals, container throughput, and cargo throughput throughout the year. Notably, total bunker sales surged by 8.2% to reach a remarkable 51.82 million tonnes, underscoring Singapore's significance as a leading bunkering destination.
This downturn in bunker fuel sales in Rotterdam and the contrasting growth in Singapore is part of a broader context of pricing volatility in different markets. The fluctuating dynamics, coupled with the recent increase in the EU Carbon tax, may further impact bunker fuel sales and lead to additional reductions.
The implications of these factors on future bunker fuel sales remain uncertain, and it will be crucial to observe trends in the upcoming quarters to discern the evolving narrative.
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