Business

JLC China Bunker Fuel Market Monthly Report (May 2023)

Country sold about 1.54 million mt of bonded bunker fuel in May, with the daily sales inching down by 1.19% to 49,526 mt, JLC’s data shows, says JLC Network Technology report.

Published

3 years ago

June 12, 2023

Admin

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for May 2023 with Manifold Times through an exclusive arrangement:

Bunker Fuel Demand

China sees a drop in its daily bonded bunker fuel sales in May

China saw a drop in its daily bonded bunker fuel sales in May when demand was still average and domestic supply remained relatively tight.

The country sold about 1.54 million mt of bonded bunker fuel in May, with the daily sales inching down by 1.19% to 49,526 mt, JLC’s data shows. Specifically, the daily sales by Chimbusco, Sinopec Zhoushan, ChinaChangJiang Bunker (Sinopec) and SinoBunker settled at about 17,097 mt, 18,387 mt, 2,194 mt and 1,129 mt. At the same time, suppliers with regional bunkering licenses sold roughly 10,719 mt per day, the data shows.

Despite a modest increase in China’s daily low-sulfur fuel oil (LSFO) output, domestic bonded bunker fuel supply remained relatively tight, depressing the daily sales. But some importers increased their purchases of bonded bunker fuel resources, alleviating the previous disruption of blendstock supply.

China slashes its bonded bunker fuel exports in April

China slashed its bonded bunker fuel exports in April, as domestic supply tightened.

The country exported roughly 1.43 million mt of bonded bunker fuel in the month, a nosedive of 30.76% from the previous month, reversing a rise of 28.23% in March, JLC estimated, with reference to data from the GeneralAdministration of Customs of PRC (GACC).

Specifically, heavy bunker fuel exports were about 1.36 million mt, accounting for 95.23% of the total, whilelight bunker fuel exports amounted to 68,300 mt, taking up 4.77%.

Suppliers with national bunkering licenses exported about 1.09 million mt of bonded bunker fuel in the month, accounting for 75.91% of China’s total, with Sinopec Fuel Oil and Chimbusco taking 70.51%. At the sametime, enterprises with regional licenses exported about 344,800 mt, accounting for 24.09%. Noticeably, PetroChina Fuel Oil (Zhoushan, Shanghai and Guangzhou) exported a combination of 171,100 mt, occupying 11.95% of China’s exports and 49.62% of regional suppliers’ total.

China’s bonded bunker fuel exports plunged rapidly as domestic refiners cut their LSFO production amid badmargins, insufficient supply of blendstocks and more unit maintenance. The country produced roughly 1.07million mt of LSFO in April, with the daily output at 35,600 mt, tumbling by 17.33% from a month earlier, JLC’s data indicates.

On a year-on-year comparison, however, China’s bonded bunker fuel exports increased by 11.33%. The yearly growth was mainly ascribed to a low base in April 2022 when China tightened its virus-led restrictions amid a new outbreak of the epidemic.

China tallied a total of 6.43 million mt of bonded bunker fuel exports in the first four months of this year, downby 2.89% from the same months in 2022, slowing down from a year-on-year decline of 6.31%in the first quarter, the data shows.

The exports of heavy bunker fuel and marine gas oil were 6.11 million mt and 323,800 mt in the period, accounting for 94.96% and 5.04% respectively.

Regarding the exports by supplier, enterprises with national licenses exported 5.22 million mt in the period, accounting for 81.17% and those with regional ones exported 1.21 million mt, accounting for 18.83%.

Domestic-trade bunker fuel demand still shrinks in May

Domestic-trade bunker fuel demand shrank again in May when bearish sentiment strengthened.

Domestic-trade heavy bunker fuel demand slipped to 310,000 mt in the month, down by 20,000 mt or 6.06%month on month. In view of flagging international crude prices, participants expected a further decline in domestic bunker fuel prices, resulting in relatively thin trading.

Similarly, domestic-trade light bunker fuel demand decreased to 130,000 mt in the month, down by 10,000mt or 7.14% from a month earlier. Domestic diesel demand contracted as operating rates at outdoor projects fell amid higher temperatures.

Bunker Fuel Supply

China’s bonded bunker fuel imports rally to 4-month high in Apr

China’s bonded bunker fuel imports rebounded to a 4-month high in April, as domestic supply declined sharply and was insufficient to meet demand.

The country imported 413,900 mt of bonded bunker fuel in the month, surging by 135.71% month on monthand 35.17% year on year, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

Malaysia topped the suppliers by shipping 308,700 mt of bonded bunker fuel to China, which accounted for 75% of the latter’s total imports. South Korea slipped to the second place with 59,800 mt, accounting for 14%, followed by Singapore with 45,400 mt, occupying 11%.

Domestic supply of low-sulfur bunker resources tightened as refiners slashed their LSFO production. The country produced about 1.07 million mt of LSFO in April, a decline of 9.87% year on year, with the daily output at 35,600 mt, tumbling by 17.33% from March, JLC’s data shows.

To fill the demand gap, some traders boosted their bonded bunker fuel imports in April, though freight rates for imported cargoes stayed relatively steep. At the same time, the import arbitrage window opened after China’s bonded bunker fuel prices climbed amid tightening supply. Besides, importers also increased their imports of high-sulfur fuel oil, due to the decline in domestic LSFO supply.

China’s bonded bunker fuel imports totaled 1.05 million mt in the first four months of this year, a slump of 33.73% year on year, decelerating from a 50.30% plunge in the first quarter, JLC estimated, based on data from GACC. The plunge in imports came as a result of larger LSFO production. Chinese refiners producedabout 4.86 million mt of LSFO in the four months, growing by 2.51% from the same months in 2022, JLC’s data indicates.

Domestic heavy bunker fuel supply decreases in May

Domestic-trade heavy bunker fuel supply slightly lessened in May, as blenders lowered their output in view of relatively high feedstock costs. Chinese blenders supplied about 340,000 mt of heavy bunker fuel in the month, a decrease of 10,000 mt or 2.86% month on month, JLC’s data shows.

In the meantime, blenders supplied about 140,000 mt of marine gas oil (MGO) in the month, a drop of 10,000mt or 6.67% from April, the data indicates.

Bunker Prices, Profits

Editor
Yvette Luo
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Sales (Beijing)
Tony Tang
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Sales (Singapore)
Ginny Teo
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JLC Network Technology Co., Ltd is recognized as the leading information provider in China. We specialized in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity market. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertilizer and metal industry, etc.

JLC China Bunker Fuel Market Monthly Report is published by JLC Network Technology Co., Ltd every month on China bunker market, demand, supply, margin, freight index, forecast and so on. The report provides full-scale & concise insight into China bunker oil market.

Note: China-based commodity market information provider JLC Technology has been providing Singapore bunkering publication Manifold Times China bunker volume data since 2020. Data from that period is available here.

Photo credit: JLC Network Technology
Published: 12 June, 2023

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

12 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

12 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

12 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026