Business

Shanghai Futures Exchange celebrates Fuel Oil futures milestones since 2004

Fuel oil futures was one of the first futures products approved following the overhaul of China’s futures market and only domestic energy futures product at the time.

Published

4 years ago

June 28, 2022

Admin

The following article published by Manifold Times on 28 June was sourced from China’s domestic market through a local correspondent. An online translation service was used in the production of the current editorial piece:

Shanghai Futures Exchange (SHFE) and its subsidiary Shanghai International Energy Exchange (INE) recently shared highlights of Shanghai’s fuel oil futures market since its launch in 2004.

A list of major milestones were shared in their Fuel Oil/ Low Sulphur Fuel Oil Futures Market Development Report 2022.

This development builds upon a joint announcement on 21 June by SHFE’s and Zheijiang International Oil and Gas Trading Center regarding the official launch of a buyer’s quotation system for low sulphur bonded bunker fuel from Zhoushan port.

The new system is part of the “Building a Quotation Mechanism for Zhoushan Bonded LSFO Bunker Price” that was selected as among the 2021 Best Institutional Innovations of the China (Zhejiang) Pilot Free-Trade Zone.

Shanghai’s first dip in the fuel oil futures market history started on 25 August 2004 when Fuel Oil futures (FU) was listed on the Shanghai Futures Exchange for trading.

Back then, the fuel oil futures was one of the first futures products approved following the overhaul of China’s futures market and the only domestic energy futures product at the time. It was also SHFE’s first step in building up China’s crude oil futures market.

The following are main highlights of Shanghai Futures Exchange’s milestones:

2004-2017

2004.08.25 Fuel oil futures (FU) was listed on the Shanghai Futures Exchange for trading
The listing marks a major progress under the Opinions of the State Council on Promoting the Reform, Opening-up, and Steady Development of the Capital Market.

2008.12.23 Trading volume of fuel oil futures reached the historic record of 905,512 lots (Single-counted basis)

2009 Trading volume of fuel oil futures ranked fifth among all energy derivatives in the world by FIA.

2011.01.14 Fuel Oil contract was revised.
Deliverable grade was adjusted from industrial 180 CST fuel oil to domestic 180 CST bunker fuel. Contract size was updated from 10 mt/lot to 50 mt/lot.

2012 Fuel oil futures market remained sluggish due to change in consumption structure and other factors

2017.06.01 Implementation of the Interim Measures of the China (Zhejiang) Pilot Free Trade Zone for the Administration of Bonded Oil Sales to International-Route Vessels

2018

2018.06.26 Fuel oil futures contract was revised for the second time
Deliverable grade was changed from domestic 180 CST bunker fuel to bonded 380 CST bunker fuel. Existing contracts stopped trading since June 27, 2018.

2018.07.16 Fuel oil futures contract was re-listed on the Shanghai Futures Exchange, the first pricing mechanism for China’s bonded bunker fuel market

2018.10.11 Interim Provisions on Supplementary Inspection Items of Fuel Oil (Futures) was issued
Eight new alcohols, ethers, and phenols, including styrene and phenol, were added to the list of compounds to be inspected, resulting in more effective management of the deliverable grade and better protection of the interest of futures investors.

2018.11.14 The first warrants for bonded 380 CST fuel oil futures were created
PetroChina International Co., Ltd. registered the first warrants for the high-sulphur fuel oil futures after loading 2,000 mt of the deliverable grade into the depot of Sinochem Xingzhong Oil Staging (Zhoushan) Co., Ltd. (Sinochem Xingzhong).

2019

2019.06.05 The list of market makers for fuel oil futures was released

2019.06 Low sulfur fuel oil (LSFO) blending with component oils of different HS Codes started for the first time in China

China Marine Bunker (PetroChina) Co., Ltd. (Chimbusco) completed China’s first LSFO blending from the low sulphur components and sulphur-containing deep-processing components, of different HS Codes, produced by domestic refineries. This signals the inception of a new, “production + import + blending” supply model in China for LSFO

2019.07.24 Direct bunkering service backed by the warrants for bonded 380 CST fuel oil futures debuted in China
500 mt of bonded 380 CST fuel oil previously stored in the futures delivery depots operated by Sinochem Xingzhong were loaded out and fuelled into three cargo ships including the Spanish vessel CELANOVA by the Zhoushan-based bunker barge Guo Hong 6. This type of bonded bunkering operation, completed for international-route vessels directly following the cancellation of the futures warrants and the load-out of the deliverables, offers convenience to enterprises engaged in spot trading.

2019.07 Multiple domestic refineries have successfully produced low sulphur fuel oil to be supplied to the bunker fuel market

2019.10 The Ministry of Transport issued the Implementation Plan for the IMO 2020 Sulphur Limit

2019 In 2019, the SHFE fuel oil futures contracts recorded 177 million lots in trading volume, 350.02% higher than the year before. Turnover hit RMB 4.27 trillion, up by 254.49%; year-end open interest was 462,049 lots, up by 121.65%. (Single-counted basis)

2019 Trading volume of fuel oil futures ranked fourth among all energy derivatives in the world by Futures Industry Association (FIA).

2020

2020.01.22 China instituted tax refund/exemption for export of bonded fuel oil
The Ministry of Finance, the State Taxation Administration, and the General Administration of Customs jointly issued the announcement on the Implementation of Export Tax Refund Policy for Fuel Oil Supplied to International Voyage Vessels. Effective from February 1, 2020, the tax refund/exemption policy would apply to fuel oil (HS Code 27101922) supplied at Chinese coastal ports to international-route ships at the VAT refund rate of 13%.

2020.04.27 Fuel oil futures positions reached an all-time high of 119,800 lots (single-counted)

2020.04.28 Trading volume of fuel oil futures reached a historic high of 5,919,090 lots (single-counted)

2020.05.01 The Ministry of Commerce issued the export quota for low sulphur bunker fuel for 2020

The Ministry of Commerce and the General Administration of Customs added LSFO No. 5 to No. 7 (sulphur content not higher than 0.5% m/m, HS Code: 2710192210) to the Catalogue of Goods Subject to Export License Administration (2020). The Ministry of Commerce also announced the first allotment of export quota of low-sulphur bunker fuel for 2020. A total of 10,000,000 mt of export quota was allotted to 5 oil companies: CNPC 2,950,000 mt, Sinopec 4,290,000 mt, CNOOC 860,000 mt, Sinochem 900,000 mt, and Zhejiang Petrochemical 1,000,000 mt.

2020.06.22 LSFO futures (LU) was listed for trading on the Shanghai International Energy Exchange (INE)
LSFO futures was traded on the basis of “international platform, net pricing, bonded delivery, and RMB denomination.” Call auction on the day of listing saw 1,070 lots being traded by 106 members representing 650 clients. On the first day, the dominant contract LU2101 registered a trading volume of 130,439 lots and an open interest of 24,859 lots. PetroChina International Co., Ltd., Sinopec Zhejiang Zhoushan Petroleum Co., Ltd., PetroChina Fuel Oil Co., Ltd., Sinochem Oil Co., Ltd., and PetroChina International (East China) Co., Ltd. all took part in first-day trading. (Single-counted basis)

2020.07.01 The list of market makers for LSFO futures was released

2020.08.01 “INE’s listing of LSFO futures” was named among the tenth wave of financial innovations of China (Shanghai) Pilot Free-Trade Zone

2020.08.10 China’s first warrant-based re-export of bonded 380 CST fuel oil futures was completed
Under the supervision of Zhoushan Customs, the ship MAERSK TACOMA anchored at Berth No. 2 of Aoshan Oil Hub of Sinochem Xingzhong completed the load-out of around 16,000 mt of bonded 380 CST fuel oil for transport and re-export to Singapore. This represented China’s first futures warrant-based re-export of commodities.

2020.10.04 China’s first bunkering service to international-route ships Zhejiang and Shanghai cross-port areas was completed at the Port of Yangshan
At the Shangdong Wharf of the Shanghai International Port (Group) Co., Ltd. in the Yangshan Port Area, SANTA VANESSA, a large container ship operated by MSC, was supplied 1,000 mt of bonded low-sulfur bunker fuel by Zhejiang Seaport International Trading Co., Ltd., a company based in the Zhejiang Free-Trade Zone. This marked China’s maiden trial of cross-port bunkering of international-route ships.

2020.11.02 The first LSFO futures warrants were created
PetroChina International (Zhejiang) Co., Ltd. registered and created the first warrants for the LSFO futures after delivering 4,090 mt of the fuel (produced by CNOOC Zhoushan Refinery and entitled to tax refund at export) into the depots operated by Sinochem Xingzhong

2020.11.23 First direct bunkering service backed by the warrants for LSFO futures was completed in China
With the support of Zhejiang Customs and Zhoushan Customs, the bunker barge Zhe Hai You 5 supplied 1,600 mt of LSFO (obtained through delivery against the LSFO futures) to the Liberian vessel SEACON BRAZIL, completing China’s first direct bunkering operation backed by LSFO futures warrants. This operation represented an innovation in delivery supervision, namely, guaranteed quantity, traceable process, and controllable risk throughout the load-in, warrant creation, and bonded supply of domestically produced, tax refundable for-export fuel oil.

2020.12.14 Rules for group delivery and overseas take-delivery of LSFO futures were introduced
The Delivery Rules of the Shanghai International Energy Exchange (Revised), the Group Delivery Management Rules of the Shanghai International Energy Exchange, and the INE Guidelines on Take-Delivery of Low Sulfur Fuel Oil Futures Overseas were released. These rules have made factory delivery and the all-new model of “domestic delivery + overseas take-delivery” available to LSFO futures. These changes would help build experience for the quality opening-up of China’s futures market and support China’s new development paradigm under the “Dual Circulation” strategy.

2020.12.14 The first group delivery center, factory warehouse, and overseas commodity storage facilities for the group delivery of LSFO futures were established
PetroChina International Co., Ltd. set up the first factory warehouses for LSFO futures as a group trader. The overseas delivery locations are in Singapore and Fujairah.

2020.12.25-31 First cross-border take-delivery of LSFO futures was completed
46,590 mt of LSFO, valued at RMB 116,102,280, was delivered against the LU2101 contract. Three companies in Singapore—Trafigura, Freepoint, and China-Base Resource—took part in this first cross-border take-delivery transaction.

2020 China recorded the net export of fuel oil in the last decade
China exported 15,490,000 mt of fuel oil in 2020, up by 44.24% from the year before.

2020 SHFE’s fuel oil posted the second-largest trading volume among all energy derivatives in the world (by FIA) and the highest in the domestic futures market

2021

2021.01.22 First pledge of bonded fuel oil futures warrant was completed

The Shanghai Customs processed the first application for pledge of the bonded futures warrants, to support innovation by the Yangshan Bonded Port Area in the bonded delivery of futures. This type of transaction promises to imbue financial functions to bonded delivery in addition to its current logistical functions, thus helping Shanghai build a large-scale commodity market.

2021.03 INE’s LSFO futures served as the price benchmark for overseas fuel oil trade for the first time

Freepoint Commodities Singapore entered into bunker supply contracts with Chimbusco International Petroleum (Singapore), China Merchants Energy Trading (Singapore), and COFCO International Freight, with the contract price linked to the price of INE’s LSFO futures contract. This demonstrates the rising pricing influence of the LU contract in the Asia-Pacific and global bunker fuel markets.

2021.06 The Trial Measures of Shenzhen for the Administration of Sales of Bonded Fuel Oil to International-Route Vessels took effect

2021.06.21 The ceremony celebrating the first anniversary of LSFO futures and the publication of Zhoushan LSFO bonded bunker price was held in Shanghai
SHFE and Zhejiang Mercantile Exchange (ZME) jointly launched the Zhoushan LSFO bonded bunker price,which is anchored to the settlement price of INE’s LSFO futures. The price represented a major innovation in the collaboration between the spot and futures markets. It provides a new, proven, and reliable pathway for transmitting the LSFO futures price to the spot suppliers and helps raise the prominence of Zhoushan’s spot market for bonded fuel oil.

2021.06.21 Delivery storage facilities for LSFO futures covered major coastal ports in China including Shanghai, Zhoushan, and Qingdao
Shandong Port Group Co., Ltd. was approved as a designated delivery storage facility for LSFO futures.

2021.07 Shanghai ranked first in 2021 among international shipping hubs
For the first time in its history, the Ningbo Zhoushan Port ranked among the top ten international ports, according to the 2021 Xinghua-Baltic International Shipping Centre Development Index Report. Domestically it ranked second, behind only Shanghai.

2021.09.16 The LSFO futures contract was revised
The optimised deliverable grade and validity duration of warrants for the LSFO futures came into effect on March 1, 2022.

2021.10.13 ““Building a Quotation Mechanism for Zhoushan Bonded LSFO Bunker Price” was among the second wave of best institutional innovations of the China (Zhejiang) Pilot Free-Trade Zone in 2021

2021.10.21 The number of companies submitting offer quotes for the Zhoushan LSFO bonded bunker price has increased to five
Sinopec Zhejiang Zhoushan Petroleum Co., Ltd., China Marine Bunker (PetroChina) Co., Ltd. (Chimbusco), Zhejiang Free Trade Zone PetroChina Fuel Oil Co., Ltd., Zhejiang Seaport International Trading Co., Ltd., and Zhejiang Petroleum Fuel Oil Sales Co., Ltd. issued offer quotes for the bunker fuel. The quotes are in Renminbi and calculated based on the current-day settlement price of M (first line) + 2 LSFO futures contracts plus premium/discount, to directly reflect the LSFO price in the Northeast Asian market.

2021.10.29 The mean of settlement price for LSFO futures was released
SHFE and INE began to release the mean of settlement price of LSFO futures on their websites, to provide price benchmarks for the market.

2021.11 Zhoushan Port became the sixth-largest bunkering hub in the world
The Zhoushan Port jumped to the sixth place on the 2020 list of the World Top 10 Bunkering Hubs released by the Marine Fuel Industry Committee of the China Petroleum Circulation Association.

2021.11.13 “The cross-border delivery of LSFO futures” won the Third Prize of the 2020 Shanghai Financial Innovation Award

2021.12.09 Trading interconnectivity was established between the SHFE Standard Warrants Trading Platform and Zhejiang Mercantile Exchange (ZME)’s quotation system

2021.12.15 Bonded warrant transfer and quotation module was launched on the SHFE Standard Warrants Trading Platform
The quotation function was available for INE-listed products including medium sour crude oil futures (SC), TSR 20 futures (NR), LSFO futures (LU), and bonded copper futures (BC).

2021.12.16 The Interim Measures of Hainan Free-Trade Port for the Administration of Sales of Bonded Marine Fuel was released

2021.12 The LSFO export quota for 2021 totaled 11,390,000 mt, of which Sinopec accounted for 61.11%, CNPC 29.68%, and CNOOC 8.34%

2019-2021 China’s supply of bonded bunker fuel grew steadily
China’s supply of bonded bunker fuel hit 16,870,000 mt in 2020, up 57.37% from the 10,720,000 mt in 2019. Supply rose again in 2021, by 22.47% to 20,660,000 mt.

2020-2021 According to FIA, the trading volume of China’s fuel oil futures ranked second among all energy derivatives in the world for two consecutive years.

2022

2022.01.25 The Measures of Shanghai Municipality for the Administration of Supplying Bonded Fuel to International-Route Ships was released

2022.02.11 The Interim Measures of Guangzhou Municipality for the Administration of Supplying Bonded Fuel to International-Route Ships was released

2022.01.28 A second company established the group delivery center, delivery factory, and overseas commodities storage facility for the group delivery of LSFO futures
Sinopec Fuel Oil Sales Co., Ltd. became the second company to set up factory warehouse for LSFO futures as a group trader, with the delivery location in Singapore. This means both CNPC and Sinopec are operating factory warehouses for the group delivery of LSFO futures, paving the way toward more overseas delivery facilities in the future.

2022.05 The Ministry of Commerce announced the second rounds of LSFO export quotas for 2022
The first and second rounds of export quotas were 6,500,000 mt and 3,250,000 mt respectively, rising by 21.9% from the year before. Domestic products are accounting for a progressively larger share of China’s bonded fuel supply market. In the first quarter of 2022, domestic LSFO output represented 68% of the country’s total supply of bonded fuel, being more competitive in the global market.

2022.05 17 companies obtained license to supply bonded fuel oil to international-route ships in Zhoushan
Zhoushan is now home to 17 bonded fuel suppliers; 5 hold the national license and 12 hold the Zhoushan local license.

2022.06.09 Trading volume in LSFO futures hit a historic record of 258,487 lots (single-counted)

2022.06.21 The ceremony celebrating the second anniversary of LSFO futures and the publication of bid information on the Zhoushan LSFO bonded bunker price was held in Shanghai
The Zhoushan LSFO bonded bunker price now supported bids from buyers. Associated Maritime Co. (Hong Kong) Ltd., Dalian Chun An Ship Management Co., Ltd., Trans Power Co., Ltd., HG Shipping Group Co., Ltd., ETL Shipping (Pte.) Ltd., and Zhejiang Yonghang Shipping Co., Ltd. were the first group of companies to submit the bid prices.

Photo credit: Shanghai Futures Exchange
Published: 28 June, 2022

Mass Flowmeter

Hong Kong backs MFM adoption with voluntary scheme to boost bunkering competitiveness

Hong Kong’s Marine Department launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems on their bunker vessels.

Published

15 hours ago

June 4, 2026

Admin

Hong Kong’s Marine Department (MD) on Wednesday (3 June) launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements.

Details of the bunker vessels successfully included in the List will be published on a dedicated page on the MD’s website for reference by shipping companies and relevant stakeholders.

Participation in the Scheme is voluntary. In addition to receiving recognition from the MD, participating bunker operators will benefit from enhanced corporate image and competitiveness through the adoption of MFM systems, thereby boosting customers’ confidence and helping to create new business opportunities.

A spokesman for the MD, said: “As an international maritime centre supported by our country, Hong Kong has a strategic location adjacent to major international fairways. Coupled with years of development in marine fuel bunkering, Hong Kong possesses rich experience and talent in the field. For many years, Hong Kong has consistently ranked as the seventh-largest bunkering port globally, the second-largest in our country, and the largest in the Greater Bay Area, providing reliable and competitive fuel bunkering services to ocean-going vessels from around the world.

“As the international shipping industry has an increasing demand for accuracy and transparency in bunkering services, service quality and measurement precision in bunkering operations have become important indicators of a bunkering port’s competitiveness. The Scheme will enhance bunkering accuracy and transparency, further enhancing the quality of Hong Kong’s bunkering services.

The spokesman added that comprehensive port services are one of Hong Kong’s key advantages as an international maritime centre.

“We will also mandate the use of MFM systems on all methanol bunker vessels this year to ensure that Hong Kong continues to provide high-quality bunkering services in the era of green maritime fuels.”

Note: The application form for the Scheme can be found on the MD’s website. Interested bunker operators can download the application form from the website or contact the MD’s Green Maritime Fuel Team via email ([email protected]) for details.

Photo credit: Manifold Times
Published: 4 June, 2026

Alternative Fuels

MPA and MSC ink MoU to support adoption of alternative bunker fuels

MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency.

Published

15 hours ago

June 4, 2026

Admin

MPA and MSC ink MoU to support adoption of alternative bunker fuels

The Maritime and Port Authority of Singapore (MPA) on Wednesday (3 June) said it signed a Memorandum of Understanding (MoU) with MSC Mediterranean Shipping Company to strengthen collaboration in maritime decarbonisation, digitalisation, innovation, and manpower development.

The MoU was signed on 25 May 2026 by Mr Ang Wee Keong, Chief Executive of MPA, and Mr Soren Toft, Chief Executive Officer of MSC.

The MoU underscores the shared commitment of MPA and MSC to foster a sustainable, digital, and future-ready maritime sector, while enhancing MSC’s operational and business activities in Singapore. This year also marks the 30th anniversary of MSC establishing its Asia Regional Office and local office in Singapore.

Under the MoU, MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency and operational performance.

MPA and MSC will also collaborate on maritime digitalisation initiatives to improve operational efficiency, including streamlining vessel arrivals and port operations.

On manpower development, MSC will support internship and scholarship opportunities through Singapore Maritime Foundation’s Maritime Outreach Network (MaritimeONE) platform, an industry-led tripartite partnership comprising industry, government and institutes of higher learning that aims to raise awareness of the maritime industry and attract quality talent into the maritime sector.

Mr Ang Wee Keong, Chief Executive of MPA, said: “This partnership reflects the strong collaboration between MPA and MSC in driving sustainability and digitalisation in the maritime sector. By working together on decarbonisation, operational efficiency and talent development, we aim to strengthen Maritime Singapore’s position as a trusted and future-ready global maritime hub.”

Mr Soren Toft, Chief Executive Officer of MSC, said: “Singapore is a strategically important hub for MSC and a key gateway to the broader Asia region. As we mark 30 years in Singapore, this MOU reinforces our long-term commitment to strengthening our presence here. MSC and Singapore are closely aligned on the priorities shaping the future of global shipping, and we look forward to deepening this partnership to drive the continued growth and resilience of the maritime industry.”

Photo credit: Maritime and Port Authority of Singapore
Published: 4 June, 2026

Emissions reporting

StormGeo and OceanScore link emissions data, compliance workflows

Cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and UK ETS requirements.

Published

15 hours ago

June 4, 2026

Admin

StormGeo and OceanScore link emissions data, compliance workflows

Weather intelligence and decision support solutions provider StormGeo and Hamburg-based technology platform OceanScore on Wednesday (3 June) said they have deepened their ongoing cooperation through the signing of a collaboration agreement during Posidonia 2026 in Athens on 2 June.

The cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and upcoming UK ETS requirements.

Together, the companies aim to help shipping companies seamlessly navigate increasing regulatory complexity more efficiently — from emissions reporting and data validation to compliance exposure management, pooling and financial settlement.

As emissions regulation becomes an increasingly important part of commercial shipping operations, the need for reliable operational data and streamlined compliance processes continues to grow. The cooperation between StormGeo and OceanScore is designed to support shipping companies with more connected, transparent and actionable processes across operational and commercial teams.

“From the outside, companies like StormGeo and OceanScore may sometimes be perceived as competitors because both operate around emissions and compliance workflows,” said Albrecht Grell, Managing Director at OceanScore.

“But in reality, the industry increasingly needs both perspectives working together: trusted operational emissions data on one side and commercial compliance execution on the other. Our cooperation reflects that shipping companies are no longer looking for isolated solutions — they need connected processes, automated across different systems and reliable decision-making throughout the full compliance chain.”

By connecting validated operational emissions data with commercial compliance management, the cooperation supports workflows across:

emissions reporting and validation
compliance management across EU ETS, FuelEU Maritime and upcoming UK ETS requirements
exposure visibility and cost transparency
pooling, settlement and financial processes

The cooperation also aims to improve commercial transparency and coordination across operational and commercial stakeholders.

“StormGeo plays a central role in helping shipping companies turn operational vessel and emissions data into trusted, decision-ready insights,” said Espen Martinsen, Chief Commercial Officer at StormGeo.

“As emissions regulations become more complex, this data is essential for transparent and efficient compliance management. By working with OceanScore, we can help customers connect StormGeo’s validated operational data with commercial compliance processes, creating a more integrated and practical approach to emissions management.”

The signing ceremony took place at the StormGeo booth during Posidonia 2026 in Athens and was attended by representatives from both companies.

Both companies expect the cooperation to continue evolving alongside upcoming regulatory developments, including FuelEU Maritime, EU ETS, the upcoming UK ETS and future emissions-related frameworks affecting global shipping.

Photo credit: StormGeo
Published: 4 June, 2026