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JLC China Bunker Fuel Market Monthly Report (August 2024)

China’s bonded bunker fuel sales decreased in August, as LSFO supply tightened and the bunkering operation of Zhoushan Port was hit by ship congestion, according to JLC.

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JLC China Bunker Fuel Market Monthly Report (August 2024)

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

China’s bonded bunker fuel sales decrease in August

China’s bonded bunker fuel sales decreased in August, as LSFO supply tightened and the bunkering operation of Zhoushan Port was hit by ship congestion.

The country sold about 1.72 million mt of bonded bunker fuel in the month, with the daily sales slipping by 1.65% month on month to 55,323 mt, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 480,000 mt, 590,000 mt, 55,000 mt and 36,000 mt, respectively. Meanwhile, suppliers with regional bunkering licenses sold 554,000 mt, the data indicates.

China’s bonded bunker exports grow in July, but sales drop

China’s bonded bunker fuel exports grew in July after the customs clearance of some delayed shipments, but the country’s actual bunker fuel sales dropped amid lower domestic production.

The country exported about 1.76 million mt of bonded bunker fuel in the month, with the daily exports at 56,910 mt, up by 1.68% from the previous month and 9.14% from a year earlier, JLC 

estimated, with reference to data from the General Administration of Customs of PRC (GACC).

In breakdown, heavy bunker fuel exports settled at 1.66 million mt in July, accounting for 94.34% of the total, while light bunker fuel exports came in at 99,900 mt, accounting for 5.66%.

Despite rising exports, China’s actual sales of bonded bunker fuel decreased amid tighter LSFO supply. Domestic refiners sold about 1.74 million mt of bonded bunker fuel in July, with the daily sales at 56,248 mt, a fall of 5.08% month on month, 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 January-July, China’s bonded bunker fuel exports totaled 11.36 million mt, a cut of 5.58% from the corresponding months in 2023. Heavy bunker fuel exports amounted to 10.71 million mt in the seven months, accounting for 94.30% of the total, while light bunker fuel exports stood at 647,600 mt, accounting for 5.70%.

JLC China Bunker Market Monthly Report (August 2024)

JLC China Bunker Market Monthly Report (August 2024)

Domestic-trade heavy bunker fuel demand continues to slip in August

Domestic-trade heavy bunker fuel demand continued to slip in August, mainly due to tepid shipping demand.

Domestic-trade heavy bunker fuel demand settled at 360,000 mt in the month, down by 10,000 mt or 2.70% month on month, JLC’s data shows. Shipowners showed lower buying interest in bunker fuel as downstream transportation demand weakened.

At the same time, domestic-trade light bunker fuel demand stood at 150,000 mt, without change from the prior month. Fundamentals in the light bunker fuel market did not change much, with most shipowners still basing their purchases on rigid demand.

Bunker Fuel Supply

China’s bonded bunker imports soar in July

China’s bonded bunker fuel imports soared in July, as HSFO demand grew rapidly.

The country imported 458,900 mt of bonded bunker fuel in the month, skyrocketing by 26.94% from the prior month and 37.39% from a year earlier, JLC estimated, with reference to data from the GACC.

Bonded distributors increased their HSFO imports, but they cut their MGO imports and did not import any LSFO in the month. Due to a decline in the economic efficiency of LSFO, some distributors basically suspended LSFO bunkering and shifted their focus to HSFO bunkering.

Malaysia was still the largest bonded bunker fuel supplier to China, with 257,800 mt, accounting for 56.19% of China’s total imports. Iraq remained in the second place with 154,000 mt, accounting for 33.57%, followed by South Korea with 43,500 mt, accounting for 9.48%. Singapore slipped to the fourth place with only 3,500 mt, which made up 0.76%.

China imported roughly 2.44 million mt of bonded bunker fuel in the first seven months of this year, a boost of 11.40% from the same months in 2023, speeding up from a rise of 6.72% in January-June.

JLC China Bunker Market Monthly Report (August 2024)

Domestic-trade heavy bunker fuel supply stabilizes in August

Domestic-trade heavy bunker fuel supply stabilized in August, as blenders maintained largely stable production. Chinese blenders supplied about 380,000 mt of heavy bunker fuel in the month, unchanged from July, with most cargoes supplied for previous orders, JLC’s data shows.

Domestic-trade MGO supply climbed to 170,000 mt in the month, a boost of 20,000 mt or 13.33% from a month earlier, the data shows. Domestic-trade light bunker fuel supply increased as some refineries raised their operating rates.

JLC China Bunker Market Monthly Report (August 2024)

Bunker Prices,Profits

JLC China Bunker Market Monthly Report (August 2024)

JLC China Bunker Market Monthly Report (August 2024)

JLC China Bunker Market Monthly Report (August 2024)

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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 (July 2024)
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 September, 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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