Global energy and commodity price reporting agency Argus Media on Thursday (14 January) published a summary on market circumstances surrounding Singaporean commodity trading firm Trafigura obtaining a bunker supply license at the port of Zhoushan:
China’s largest bunkering port of Zhoushan has awarded a bonded bunker supply license to global trading firm Trafigura.
The latest award comes less than a month after Zhoushan issued a license to PetroChina-Shang Gang, a 50:50 joint venture between major oil producer state-controlled PetroChina and Shanghai-listed Shanghai International Port (SIPG).
Trafigura is the latest international company to enter the Zhoushan market. Fellow trading firms Vitol and Glencore, and major Total, have all set up joint ventures to develop bunker fuel operations at the port. Trafigura has been awarded its license without needing to team up with a Chinese firm.
Zhoushan bunker volumes increased by 15pc to 4.7mn t last year, although they just fell short of the target of 5mn t. The local government has set a 7mn t target for 2021, supported by new bunker licenses and storage expansions.
The rise in the number of bunker suppliers is intensifying competition in Zhoushan and prompting complaints from some existing suppliers that it is becoming harder to make a profit.
Photo credit and source: Argus Media
Published: 15 January, 2021
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