Exports of low sulphur marine fuels in December reached a record high since deliveries started a year ago, and customs data showed annual bunker volume exports reaching 15.45 million tonnes, reports Reuters.
According to the same data, exports for 0.5% VLSFO in December alone reached 2.47 million tonnes.
In January when IMO 2020 came into effect, the government put in place some text incentives to boost Chinese oil refinery exports as well as local blending production to create a regional bunkering hub.
As reported earlier by Manifold Times, bunker sales at Zhoushan, China’s top bunkering port, reported a 15.14% year on year increase and is working towards an additional 27% increase for 2021.
Over 2020, local refineries have been working towards increasing production of low sulfur marine fuels and companies maintain imports from countries like Singapore and Malaysia for re-export, as seen in JLC’s China bunker market monthly report.
Photo credit: Zhoushan Bunker Association
Published: 22 January, 2021
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