The Zhoushan city government and global energy and commodity price reporting agency Argus on Tuesday (30 April) signed an initial agreement to work together to bring further price transparency to the Zhoushan bunkering hub.
Argus has been assessing delivered-to-ship high-sulphur 380 centistokes (cSt) bunker fuel prices in Zhoushan since December, it notes.
It is seeking to extend its coverage through the development of a new Zhoushan Bunker Index for low-sulphur fuel oil in response to the tighter sulphur specifications for marine fuel that the International Maritime Organisation is introducing at the beginning of next year.
According to Argus, the Zhoushan city government chose to work with the company owing to its international reputation as a commodity price reporting agency and its position as a leading provider of assessments for the port of Singapore, where companies submit daily transaction information to Argus for use in its bunker indexes.
Argus, in turn, chose to work with the Zhoushan city government because of Zhoushan’s strategic location, world-class infrastructure and free trade zone status, which combine to give Zhoushan a bright future in terms of growing bunker trade and as an important regional pricing and trading hub.
“Argus welcomes the opportunity to provide greater transparency to the port of Zhoushan and we hope that by providing independent, high-quality, bunker fuel assessments we can assist suppliers and shipowners to make well-informed business decisions,” said Argus Media Chairman and Chief Executive Adrian Binks.
“We expect the Zhoushan Bunker Index to serve as a regional benchmark as Zhoushan grows in importance as a regional bunker hub. We wish the Zhoushan city government success in further developing the port.”
Zhoushan lies within the Zhejiang free trade zone and has grown rapidly in recent years to become the biggest marine fuels hub in China and one of the top 10 ports globally for bunker sales. Marine fuel sales through Zhoushan were 3.5 million metric tonnes last year.
Photo credit: Argus Media
Published: 30 April, 2019
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