China’s State Council on Friday (10 January) approved a long anticipated tax rebate on Very Low Sulphur Fuel Oil (VLSFO), according to Reuters.
“(Our) company was informed yesterday about the tax waiver approval, so we’re getting ready for production plans,” said an unnamed official of a state-owned refiner, as quoted by the news agency.
However, Beijing may initially restrict exports of bunker fuel to focus on developing the domestic bunker fuel market in China’s coastal cities.
“This has been one of the feedback views during the long discussions of the policy formulation, and this will be implemented in the initial stage,” added a second source.
China has a levy of 1,218 yuan (USD 175.73) per tonne consumption tax and 13% of value-added tax on bunker fuel production.
Published: 13 January, 2020
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.