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Singapore's grip on $41 billion oil market challenged by China
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China's marine fuel sales have almost doubled over the past five years.
ST PHOTO: KUA CHEE SIONG
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SINGAPORE (BLOOMBERG) - Singapore is facing the greatest competition yet to its status as the dominant marine fuel supplier in Asia, with China luring more ships to its shores following a rapid expansion of its port and refining facilities.
China's marine fuel sales - known in the industry as bunkering - have almost doubled over the past five years and the nation is banking on attracting ships that travel to nearby ports in major economies such as South Korea and Japan. Singapore still has a commanding position as the top supplier to a sector valued at over US$30 billion (S$41 billion) in Asia, but Chinese growth is accelerating.
