Singapore’s maritime hub saw a notable increase in shipping fuel sold through Singapore port in March, as bunker fuel sales and tanker arrivals climbed despite a volatile geopolitical landscape in the Middle East. According to data released by the Maritime and Port Authority of Singapore (MPA) on April 14, the port sold approximately 4.8 million tonnes of bunker fuel during the month, representing a 1.9 per cent increase from the 4.7 million tonnes recorded in February.
The uptick in fuel sales was mirrored by a surge in vessel traffic. A total of 2,302 vessels called at the port in March, a 10 per cent jump from the 2,084 arrivals in February. Of these, 1,651 were oil tankers—a roughly 10 per cent increase over the 1,503 tankers that visited the port the previous month.
While the figures suggest a robust month for the city-state’s bunkering sector, analysts are divided on whether this growth is a result of seasonal trends or a direct consequence of the escalating conflict involving Iran. The regional instability has disrupted traditional shipping routes and bunkering operations in the Middle East, potentially pushing more vessels toward reliable Asian hubs like Singapore.
However, the broader energy picture is more complex. While traditional bunker fuel sales rose, the sale of liquefied natural gas (LNG) experienced a sharp decline, falling about 17 per cent from 59,000 tonnes in February to 49,000 tonnes in March.
Seasonal Trends vs. Geopolitical Shocks
Deciphering the drivers behind the March data requires a appear at historical patterns. Associate Professor Yap Wei Yim, head of the maritime management minor at the Singapore University of Social Sciences, noted that similar rebounds in bunker fuel sales and tanker arrivals were observed during the same period in 2025. This suggests that the March uptick may be seasonal rather than a direct result of current geopolitical developments.
Professor Yap cautioned against drawing premature links between the MPA figures and the conflict, noting that in both 2025 and 2026, the port typically saw a dip in February followed by a recovery in March. He argued that it is too early to definitively infer the war’s impact from the latest statistics.
Mahua Mitra, head of bunker fuel pricing in Asia at price reporting agency Argus Media, echoed this sentiment. She noted that March data includes vessels that arrived in Singapore during the early weeks of the conflict, meaning the figures may not yet fully represent the current operational reality. A clearer picture of the impact is expected to emerge from April’s data.
The LNG Divergence and Qatari Disruptions
The decline in LNG sales stands out as a departure from previous years. In 2025, LNG sales had fallen in February before rising to 39,000 tonnes in March. In 2026, February sales had surged to 59,000 tonnes before the March dip to 49,000 tonnes.
Professor Yap suggested this decline could be linked to significant supply disruptions in Qatar. Following strikes by Iran on Qatar’s Ras Laffan Industrial City, fires damaged a plant responsible for approximately one-fifth of the global LNG supply. This disruption forces countries reliant on Qatari gas to seek alternative exporters, thereby increasing competition for a shrinking pool of available sources.
Ms. Mitra added that the dip also reflects a “initial shock response” and near-term market caution. Uncertainties regarding trade flows led some market participants to prioritize LNG for power generation and consumer use over the maritime bunkering sector, resulting in temporary procurement delays.
| Metric | February | March | % Change |
|---|---|---|---|
| Bunker Fuel Sales (Tonnes) | ~4.7 Million | ~4.8 Million | +1.9% |
| Total Vessel Arrivals | 2,084 | 2,302 | +10% |
| Oil Tanker Arrivals | 1,503 | 1,651 | ~10% |
| LNG Sales (Tonnes) | 59,000 | 49,000 | -17% |
The Strategic Impact of the Strait of Hormuz
The underlying tension stems from a series of escalations that began on February 28, when the United States and Israel launched attacks on Iran. In retaliation, Iran closed the Strait of Hormuz, a critical maritime corridor that facilitates the flow of one-fifth of the world’s oil and natural gas supplies from the Persian Gulf.
The closure has sent global oil and natural gas prices surging. Even if the conflict reaches a swift resolution, Professor Yap warns that the economic ripples will persist. He points to the combined effect of infrastructural damage in the Gulf and sustained strong demand as primary drivers that will retain energy costs elevated.
“Demand for oil will remain strong, but supply will still be restricted. Even if the Strait of Hormuz is reopened, due to the infrastructural damage and strong demand, oil prices will remain elevated, which in turn will affect costs everywhere, especially since oil affects so many aspects of society.”
For the global shipping industry, this means a shift in bunkering strategy. As Middle Eastern capacity and operations are disrupted, the reliance on Asian ports—specifically Singapore—is expected to grow, provided the supply chain can keep pace with the redirected demand.
Disclaimer: This report is based on maritime data and market analysis and is intended for informational purposes only. It does not constitute financial or investment advice.
The maritime community now looks toward the release of April’s port data from the MPA to determine if the increase in tanker traffic is a temporary seasonal fluctuation or a long-term shift in global shipping patterns caused by the Middle East crisis.
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