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JLC China Bunker Market Monthly Report (February 2025)

Daily bonded bunker sales grew in February, as negative impact made by US sanctions on some vessels weakened and shipping was gradually returning to normal after Chinese New Year public holidays.

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Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for February 2025 with Manifold Times through an exclusive arrangement:

Bunker Fuel Supply

China’s daily bonded bunker fuel sales increase in February

China’s daily bonded bunker sales grew in February, as the negative impact made by US sanctions on some vessels weakened and shipping was gradually returning to normal after the public holiday for the Chinese New Year.

The country sold 1.52 million mt of bonded bunker fuel in February, with the daily sales at 54,354 mt, rising by 2.85% month on month, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 400,000 mt, 520,000 mt, 50,000 mt and 25,000 mt in the month, while suppliers with regional bunkering licenses sold 526,900 mt.

The growth was capped by the Chinese New Year holiday in early February.

Despite the rise, demand was not strong in February.

China’s bonded bunker fuel exports edge down in 2024

China’s bonded bunker fuel exports edged down in 2024, as domestic refiners cut their production in view of quota tightness.

The country exported 19.63 million mt of bonded bunker fuel in the year, a modest cut of 0.24% year on year, JLC calculated, with reference to data from the General Administration of Customs of PRC (GACC).

Among the shipments, heavy bunker fuel exports settled at 18.33 million mt, accounting for 93.38%, while light bunker fuel exports settled at 1.30 million mt, accounting for 6.62%.

In December alone, China’s bonded bunker fuel exports were roughly 1.44 million mt, dropping by 20.90% month on month and 9.47% year on year, JLC calculated, with reference to the GACC data. In breakdown, heavy bunker fuel exports settled at 1.35 million mt, occupying 93.54%, while light bunker fuel exports came in at 93,000 mt, making up 6.46%.

(Note: The GACC has not released export and import data for January 2025 yet, and JLC will follow up.)

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Domestic-trade heavy bunker fuel demand weakens in February

Domestic-trade heavy bunker fuel demand weakened in February, as most participants were cautious about purchases amid bearish sentiment. Domestic-trade heavy bunker fuel demand came in at 370,000 mt in the month, a loss of 20,000 mt or 5.13% month on month, JLC’s data shows. February has three fewer days than January.

By contrast, domestic-trade light bunker fuel demand climbed to 140,000 mt, a gain of 10,000 mt or 7.69% month on month. Light bunker fuel demand began to recover after the Spring Festival as inland water transportation accelerated, though the demand recovery was still relatively slow.

Bunker Fuel Supply

China’s bonded bunker fuel imports surge in 2024

China’s bonded bunker fuel imports surged in 2024, which could mainly be ascribed to tight domestic supply.

China imported a total of 6.04 million mt of bonded bunker fuel last year, soaring by 45.92% year on year, JLC calculated, with reference to data from the GACC.

Only a few bonded distributors imported low-sulfur fuel oil (LSFO) in the first half of 2024, while others prioritized imported high-sulfur fuel oil (HSFO). However, in the second half, domestic LSFO supply tightened significantly amid insufficient quotas, forcing bonded distributors to import more LSFO to fill the gap. Meanwhile, demand for imported HSFO continued to improve, as more ships were equipped with scrubbers and the import arbitrage window opened.

In December alone, China’s bonded bunker fuel imports exceeded 1 million mt and hit a 4-year high, as domestic LSFO output fell off a cliff amid persistent quota tightness. The imports amounted to 1.09 million mt in the month, jumping by 19.58% month on month and 247.21% year on year.

Singapore topped all suppliers by shipping 550,700 mt of bonded bunker fuel to China in the month, which accounted for 50.32% of the latter’s total imports. Malaysia slipped to the second place with 351,200 mt, accounting for 32.09%. Iraq and South Korea ranked third and fourth with 182,500 mt and 10,000 mt, accounting for 16.68% and 0.91%, respectively.

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Domestic-trade heavy bunker fuel supply continues to tighten

Domestic-trade heavy bunker fuel supply continued to tighten in February, as the availability of low-sulfur residual oil decreased and blenders’ blending margins narrowed.

Blenders supplied about 370,000 mt of domestic-trade heavy bunker fuel in the month, down by 30,000 mt or 7.50% month on month, JLC’s data shows.

Blenders’ enthusiasm for bunker fuel blending was limited, as low-sulfur residual oil supply declined and inflating blendstock costs squeezed their blending margins. In addition, downstream buyers showed relatively low buying interest as they prioritized consuming their stockpiles, which also capped blenders’ bunker fuel supply.

In the meantime, domestic-trade light bunker fuel supply stood at 150,000 mt, without change from the prior month, the data indicates. Refineries maintained relatively stable operating rates.

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Bunker Prices, Profits

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Yvette Luo
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Tony Tang
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JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialise 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 (January 2025)
Related: JLC China Bunker Fuel Market Monthly Report (December 2024)
Related: JLC China Bunker Fuel Market Monthly Report (November 2024)
Related: JLC China Bunker Fuel Market Monthly Report (October 2024)
Related: JLC China Bunker Fuel Market Monthly Report (September 2024)
Related: JLC China Bunker Fuel Market Monthly Report (August 2024)
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: 11 March, 2025

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

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Photo credit: DNV
Published: 4 September, 2026

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