The volume of shipping tonnage for 2004 was also at a record high of 1.04 billion gross tonnes, crossing the 1-billion tonne mark for the first time in Singapore's history and representing a growth of 5.7 per cent over the previous year.
Bunker traders said the high volumes were not surprising as monthly bunker sales, since April last year, have hovered above 1.95 million tonnes, despite soaring oil prices.
"The volumes have been steadily increasing during the year, no matter how the market was in terms of prices. In any case, prices in Rotterdam and Fujairah have consistently been lower than Singapore. So it is safe to say prices are not a major factor," a Singapore-based bunker trader said.
"Bottomline, I suppose is it is because the shipowners are comfortable with lifting their bunkers here because they know that the system is transparent."
Benchmark 380-centistoke bunker fuel sales totalled 1.49 million tonnes in December, up 3.75 percent over November, but growth was registered across all marine fuel products including 180-cst, marine diesel oil and marine gas oil.
FUEL PRICES UP: Singapore bunker prices rose on Tuesday, tracking higher fuel oil cargo values.
Bunker fuel of 380-centistoke (cst) grade was pegged at $193-$195 a tonne, up $5 from the previous trading day with the premium to cargo levels up 75 cents to $3.25 a tonne.
"Suppliers are keeping offers high in view of the strengthening 380-cst cargo market. Most high-end players are not selling below $195 a tonne," a Singapore-based trader said.
"However, there are still some mid-tier independents that are transacting deals at aggressive levels of around $191-$192 a tonne though I doubt they will do that for very long."