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www.bunkerworld.com
September 2007
Singapore faces its challengers Observers are asking how Singapore can defend its title as the world’s leading marine fuel market in the face of rising regional and global competition.
Bunkerworld’s Lee Hong Liang investigates.
S
ingapore is the bestperforming bunkering port in the world, but growing competition from the region and globally could soon slash the lead that its marine market currently enjoys.
The atmosphere in Singapore is such that numerous suppliers and traders compete each day for bunker stems in a market that offers competitive prices.
If the Singapore bunker market maintains its status quo, its active market mood may taper off as other ports begin to develop their bunkering infrastructure, and possibly rise to become a credible challenger to
Singapore’s
dominant position.
Malaysia: A promising alternative Competition for Singapore’s bunker market is now right at its doorstep. Malaysia is currently building a petroleum hub on Tanjung Bin, a reclaimed island off the Port of
Tanjung Pelepas (PTP), located to the northwest of Singapore.
The $400 million project has a total storage capacity of 1 million cubic metres (m3) and will be fully operational by mid-2009.
The proposed petroleum hub will benefit Malaysia in the areas of storage space to keep strategic oil reserves, attract foreign direct investments, reduce foreign exchange outflow, and provide competitive bunker prices.
The project looks promising since Malaysia has been suffering from a lack of comprehensive oil terminal facilities to meet its requirements for fuel oil and other petroleum products.
The establishment of oil terminal facilities equipped with storage and blending capabilities will be the key to
Competition looming for Singapore
support the country’s bunker market requirements.
Such facilities could also capture the trading business of petroleum products in the
September 2007
Singapore faces its challengers Observers are asking how Singapore can defend its title as the world’s leading marine fuel market in the face of rising regional and global competition.
Bunkerworld’s Lee Hong Liang investigates.
S
ingapore is the bestperforming bunkering port in the world, but growing competition from the region and globally could soon slash the lead that its marine market currently enjoys.
The atmosphere in Singapore is such that numerous suppliers and traders compete each day for bunker stems in a market that offers competitive prices.
If the Singapore bunker market maintains its status quo, its active market mood may taper off as other ports begin to develop their bunkering infrastructure, and possibly rise to become a credible challenger to
Singapore’s
dominant position.
Malaysia: A promising alternative Competition for Singapore’s bunker market is now right at its doorstep. Malaysia is currently building a petroleum hub on Tanjung Bin, a reclaimed island off the Port of
Tanjung Pelepas (PTP), located to the northwest of Singapore.
The $400 million project has a total storage capacity of 1 million cubic metres (m3) and will be fully operational by mid-2009.
The proposed petroleum hub will benefit Malaysia in the areas of storage space to keep strategic oil reserves, attract foreign direct investments, reduce foreign exchange outflow, and provide competitive bunker prices.
The project looks promising since Malaysia has been suffering from a lack of comprehensive oil terminal facilities to meet its requirements for fuel oil and other petroleum products.
The establishment of oil terminal facilities equipped with storage and blending capabilities will be the key to
Competition looming for Singapore
support the country’s bunker market requirements.
Such facilities could also capture the trading business of petroleum products in the