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JLC China Bunker Fuel Market Monthly Report (July 2024)

Country tallied 1.74 million mt of bonded bunker fuel sales in July with daily sales at 56,248 mt, falling by 5.08% month on month after bunkering operation was affected by Typhoon Gaemi, JLC’s data shows.

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JLC China Bunker Fuel Market Monthly Report (July 2024)

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for July 2024 with Manifold Times through an exclusive arrangement:

China’s bonded bunker fuel sales retreat in July

China’s bonded bunker fuel sales retreated in July, as the bunkering operation of southern ports was struck by the landfall of “Typhoon Gaemi”.

The country tallied 1.74 million mt of bonded bunker fuel sales in the month, with the daily sales at 56,248 mt, falling by 5.08% month on month, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 505,000 mt, 600,000 mt, 65,000 mt and 40,000 mt, while those by suppliers with regional bunkering licenses stood at 533,700 mt, the data shows.

China’s bonded bunker fuel exports fall in H1, but sales grow

China’s bonded bunker fuel exports fell in the first half of 2024, because of delayed customs clearance of some cargoes, but its actual bunker fuel sales grew when domestic supply increased.

The country exported about 9.59 million mt of bonded bunker fuel in the first six months, with the daily exports at 52,713 mt, down by 8.37% from the same months in 2023, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC). The daily exports dropped more than the total exports, due to one more day in H1 2024 than in H1 2023.

Heavy bunker fuel exports totaled about 9.05 million mt in H1, accounting for 94.29% of China’s total exports, while light bunker fuel exports settled at 547,700 mt, accounting for 5.71%.

Though global economic recovery was slower than expected, China’s foreign trade performed relatively well, and its sales of bonded bunker fuel grew steadily amid larger LSFO production. Chinese refiners sold a total of 10.16 million mt of bonded bunker fuel in January-June, with the daily sales at 55,834 mt, up by 8.46% year on year, JLC’s data shows.

Bonded bunker fuel exports are not equal to bonded bunker fuel sales, as the exports refer to the volume of cargoes flowing into bonded tankers while the sales refer to the actual volume of bunkering.

In June alone, China’s bonded bunker fuel exports settled at 1.68 million mt, plunging by 17.74% year on year, with the daily exports at 55,970 mt, inching down by 0.53% from May. In breakdown, heavy bunker fuel exports settled at 1.59 million mt in the month, accounting for 94.50%, while light bunker fuel exports settled at 92,300 mt, accounting for 5.50%.

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Domestic-trade heavy bunker fuel demand contracts in July

Domestic-trade heavy bunker fuel demand contracted further in July, as shipowners just made small deals based on their rigid demand when the surplus of ships lingered. Domestic-trade heavy bunker fuel demand settled at 370,000 mt in the month, a decrease of 10,000 mt or 2.63% from the previous month.

On the flip side, domestic-trade light bunker fuel demand amounted to 150,000 mt in July, climbing by 10,000 mt or 7.14% month on month. Trade in the light bunker fuel market turned relatively active after the end of typhoon weather.

Bunker Fuel Supply

China’s bonded bunker fuel imports rally in June

China’s bonded bunker fuel imports rallied in June, as inventory in East China declined and freight rates dropped, with the imports of HSFO and MGO climbing, while LSFO imports changing little.

The country imported 361,500 mt of bonded bunker fuel in the month, a boost of 16.69% month on month, JLC estimated, with reference to data from the GACC.

Bonded bunker distributors in East China boosted their HSFO imports, as their inventory pressure eased to some degree, in addition to lower freight rates.

MGO imports also rose in June, but the rise was relatively modest.

China’s daily LSFO output grew slightly in June, due to one less day in the month than in May. In this case, distributors maintained largely stable LSFO imports.

On a year-on-year comparison, however, China’s bonded bunker fuel imports plunged by 20.27% in June, which could mainly be ascribed to a relatively high base a year earlier.

Regarding the imports by supplier, Malaysia remained in the top position by exporting 99,600 mt of bonded bunker fuel to China, which accounted for 27.56% of the latter’s total imports. Meanwhile, Iraq overtook Singapore as the second largest supplier with 84,500 mt, accounting for 23.36%. Singapore slipped to the third place with 75,900 mt, making up 21.01%, while South Korea remained in the fourth place with 59,500 mt, occupying 16.44%. Besides, bonded bunker fuel imports from Japan settled at 42,000 mt, accounting for 11.63%.

China recorded a total of 1.98 million mt of bonded bunker fuel imports in the first half of this year, an uptick of 6.72% from the corresponding period in 2023, decelerating from a jump of 15.46% in January-May.

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Domestic-trade bunker fuel supply tightens in July

Domestic-trade bunker fuel supply continued to tighten in July, as the availability of low-sulfur residual oil decreased on refinery maintenance and residual oil supply was insufficient when some blenders in Northeast China suspended production.

Chinese blenders supplied about 380,000 mt of heavy bunker fuel in the month, down by 20,000 mt or 5.00% from the previous month, JLC’s data shows. Meanwhile, domestic-trade MGO supply was estimated at 150,000 mt, a cut of 10,000 mt or 6.25% month on month. Refineries showed lower interest in MGO production as diesel prices weakened.

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Bunker Prices,Profits

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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.

All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior authorization from JLC.

Related: JLC China Bunker Fuel Market Monthly Report (June 2024)
Related: JLC China Bunker Fuel Market Monthly Report (May 2024)
Related: JLC China Bunker Market Monthly Report (April 2024)
Related: JLC China Bunker Market Monthly Report (March 2024)
Related: JLC China Bunker Fuel Market Monthly Report (February 2024)
Related: JLC China Bunker Market Monthly Report (January 2024)

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 earlier periods are available here.

 

Photo credit: JLC Network Technology
Published: 12 August, 2024

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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.

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RESIZED EH dual mfm setup

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

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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.

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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

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Methanol

Seaspan and Hapag-Lloyd complete first of five methanol vessel retrofit

Following “Seaspan Yangtze”, the remaining vessels planned for retrofit under the methanol retrofit programme are “Seaspan Amazon”, “Seaspan Ganges”, “Seaspan Thames”, and “Seaspan Zambezi”.

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Seaspan and Hapag-Lloyd complete first of five methanol vessel retrofit

Seaspan Corporation (Seaspan) and Hapag-Lloyd on Wednesday (3 June) announced the successful completion of the first of the five vessel conversions under their methanol retrofit programme with the delivery of Seaspan Yangtze.

From the early SAVER (Seaspan Action for Vessel Energy Reduction) programme to today’s CleanBlue initiative, Seaspan has committed over USD 230 USD million across 86 vessels, executing more than 550 efficiency and retrofit projects.

Following Seaspan Yangtze, the remaining vessels planned for retrofit under the programme are Seaspan Amazon, Seaspan Ganges, Seaspan Thames, and Seaspan Zambezi. Each retrofit is expected to reduce well-to-wake CO₂e emissions by approximately 30,000 to 50,000 metric tonnes per vessel annually when operating on low-carbon methanol, while also extending vessel lifespan and enhancing fuel flexibility.

“Decarbonisation is not just about building the fleet of tomorrow, it is also about unlocking the full potential of the fleet we have today. Retrofitting and upgrades on existing fleets play a practical, immediate, and economical role in accelerating shipping’s decarbonization journey,” said Bing Chen, Chairman, President and CEO of Seaspan. 

“Project SAVER CleanBlue highlights Seaspan’s strong customer partnerships, deep technical expertise, and unique platform integrated with JV partners, such as WattSpan Maritime Technology, in executing complex and large-scale retrofit projects.”

“The successful conversion of the Seaspan Yangtze together with the planned retrofit of its four sister vessels is another important step on our ambitious path towards net-zero fleet operations by 2045,” said Silke Lehmköster, Managing Director, Fleet, Hapag-Lloyd. 

“Together with Seaspan, we are demonstrating that retrofitting existing vessels for low-carbon methanol can be a practical way to reduce emissions in shipping.”

 

Photo credit: Seaspan
Published: 4 June, 2026

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