Singapore marine fuel supplier Equatorial eyes higher LNG bunker demand from 2028

SINGAPORE — Equatorial Marine Fuel Management, a top Singapore bunker supplier by volume, plans to channel part of its 2026 profits to fund its expansion into supplying liquefied natural gas to ships as it positions for higher demand from 2028, its executives said.

The company, which was one of eight suppliers awarded an LNG bunker licence in late July, is in discussions with LNG cargo suppliers and shipowners for collaborations, its executive director Choong Zhen Mao told Reuters on the sidelines of the Singapore International Bunkering conference (SIBCON) 2026.

"The opportunity that we see in LNG still seems to be growing, even in this climate. I think that's where we see the market moving," he said, referring to the surge in LNG prices after the US-Israeli war on Iran disrupted exports from the Middle East.

The company will be receiving its first new-built LNG bunker barge in the later part of the third quarter in 2027, he added.

Singapore's January-to-September 2026 LNG bunker sales totalled 487,100 tons, up more than 21 per cent from a year earlier, data from the Maritime and Port Authority of Singapore showed Wednesday (Oct 14).

Equatorial's chief operating officer, Choong Sheen Mao, expects a more notable increase in Singapore's LNG bunker demand from 2028 as more LNG production capacity and dual-fuel vessels come online globally.

Equatorial currently supplies about 10 per cent of total bunker volumes at Singapore, the world's biggest refuelling hub for ships, according to its executives. The city state has supplied an average 4.7 million tons of bunker fuel a month so far in 2026, official data show.

The company's year-to-date profits for 2026 have exceeded last year's level, the executives said, though they did not disclose the figures.

Bunker fuel prices surged after US and Israeli strikes on Iran in late February drove oil prices higher, and have remained volatile since then. The ensuing disruption to shipping routes supported refuelling demand in key hubs including Singapore.

"Demand looks to be resilient," said ED Choong.

"When there is uncertainty, sometimes people tend to purchase a bit more, fill their tanks a bit more... people tend to break a voyage down into smaller trades these days to ensure availability and cargo security."

Equatorial owns eight fuel oil barges, seven marine gasoil barges, as well as four chemical bunker tankers that meet International Maritime Organisation's type 2 standard to carry methanol or biofuel blends up to 100 per cent biofuel content.

Some of the chemical bunker tankers have been repurposed to supply conventional fuel this year amid a slowdown in marine biofuel demand, COO Choong said.

"Demand for biofuels has slowed this year because of the delay in the IMO's net-zero framework, while current prices are not competitive," he said.

Depending on the blend and delivery window, biofuel blends command premiums of at least $100 per metric ton over conventional low-sulphur bunker fuel oil, according to industry sources.

新加坡——新加坡最大的船舶燃料供应商赤道海洋燃料管理公司（Equatorial Marine Fuel Management）的高管表示，该公司计划将2026年的部分利润用于扩大其向船舶供应液化天然气的业务，以应对2028年起更高的需求。

该公司是 7 月下旬获得 LNG 加注许可证的八家供应商之一，其执行董事 Choong Zhen Mao 在 2026 年新加坡国际燃料加注会议 (SIBCON) 期间告诉路透社，该公司正在与 LNG 货物供应商和船东讨论合作事宜。

“即使在当前环境下，我们看到的液化天然气市场机遇似乎仍在增长。我认为这就是市场的发展方向，”他说道，指的是美国和以色列对伊朗的战争扰乱了中东地区的出口，导致液化天然气价格飙升。

他还补充说，该公司将于 2027 年第三季度下半年接收其首艘新建的液化天然气加注驳船。

新加坡海事及港务管理局周三（10 月 14 日）公布的数据显示，新加坡 2026 年 1 月至 9 月的液化天然气燃料销售总量为 487,100 吨，比上年同期增长超过 21%。

Equatorial 首席运营官 Choong Sheen Mao 预计，随着全球更多 LNG 产能和双燃料船舶投入运营，从 2028 年开始，新加坡的 LNG 燃料需求将出现更显著的增长。

据Equatorial公司高管透露，该公司目前向全球最大的船舶加油枢纽新加坡供应约10%的船用燃料油。官方数据显示，截至2026年，新加坡平均每月供应470万吨船用燃料油。

高管们表示，该公司2026年迄今为止的利润已经超过了去年的水平，但他们没有透露具体数字。

2月底美国和以色列对伊朗发动空袭后，油价飙升，船用燃料价格也随之暴涨，此后一直波动不定。随之而来的航运路线中断，推高了包括新加坡在内的主要枢纽港口的燃料需求。

“需求看起来很有韧性，”ED Choong说道。

“当市场存在不确定性时，人们有时会倾向于多买一些，多加一些油……如今，人们往往会将航程拆分成更小的贸易，以确保物资供应和货物安全。”

Equatorial 拥有 8 艘燃油驳船、7 艘船用柴油驳船以及 4 艘符合国际海事组织 2 型标准的化学品燃料油轮，可运输甲醇或生物燃料混合物，生物燃料含量最高可达 100%。

首席运营官钟表示，由于今年船用生物燃料需求放缓，一些化学品燃料油轮已被改造为供应常规燃料。

“由于国际海事组织净零排放框架的延迟，今年对生物燃料的需求有所放缓，而目前的价格又不具竞争力，”他说道。

根据业内人士的说法，生物燃料混合物的价格根据混合比例和交货时间的不同，比传统的低硫船用燃料油每公吨至少高出 100 美元。