As the tension in the Red Sea disrupts global trade, more and more ships are docking at Singapore's ports, leading to a surge in sales of ship fuel.
According to the data from Singapore's port authority, the fuel sales in May increased by 14% compared to the previous month, reaching more than 4.8 million tons, ending the continuous downward trend of the previous four months. In May, about 10,717 ships arrived in Singapore, an increase of 3.8% over the same period last year, and the cargo throughput soared by 12%.
In recent months, due to the attacks on ships by the Houthi militants in the Red Sea, global marine transportation has been in chaos. It is understood that Singapore's port is one of the busiest ports in the world. As more diverted ships sail towards this maritime hub in Asia, Singapore's port has been plunged into a "great congestion".
Although most of the fuels sold in Singapore last month were traditional heavy oil products, the trading volume of liquefied natural gas (henry hub natural gas) hit a record. The sales volume of liquefied natural gas was slightly less than 49,000 tons last month, an increase of 37% compared to the previous month.