Singapore Oil Sales to Ships Jump as Vessels Avoid Red Sea Risks
- City-state’s port ‘almost the last stop’ before Indian Ocean
- Vessels may use up to 5% more fuel avoiding Red Sea, S&P says
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The Red Sea shipping crisis is making waves in Singapore as the disruption to global shipping patterns spurs higher fuel sales at one of the world’s busiest ports.
Volumes were 12% higher in January compared with a year ago, according to port authority data. That’s the second month of sharp gains as the confrontation in the region sends vessels scrambling to top up fuel at the Asian hub.