The following article published by Manifold Times on 22 June was sourced from China’s domestic market through a local correspondent. An online translation service was used in the production of the current editorial piece:
Zhejiang International Oil and Gas Trading Center (Zhejiang Oil Center) and Shanghai Futures Exchange have jointly released a buyer’s quotation system for low sulphur bonded bunker fuel from Zhoushan port, according to the center on Tuesday (21 June).
This marked the beginning of Zhoushan’s bonded fuel oil index system.
The new quotation system was launched at the 2022 Fuel Oil Industry Summit in Shanghai on the same day.
The “Buyer Quotation for China Zhoushan Low Sulphur Fuel Oil Bonded Ships” system based on China’s RMB currency considers the buyer’s price, seller’s quotation, weather index, comprehensive storage price and available commercial storage capacity.
Initial participants of the buyer’s quotation system consists of seven international shipowners including bulk commodities, dry bulk cargo, and ocean fishing firms from Singapore, Mauritius and other regions.
The price benchmark is the future price of INE low-sulphur fuel oil, which is released at 4 pm on each trading day.
The release of the buyer’s quotation system will help to further improve the Zhoushan price formation mechanism, enhance the authority of Zhoushan’s prices, and help enhance the international influence of the Zhejiang Free Trade Zone’s bonded fuel oil market, said the center.
In 2021, the bonded bunker sale volume of Zhoushan port exceeded 5.52 million metric tonnes, ranking first in China and the sixth largest in the world.
Zhejiang Oil Center said it was committed to building the index system which will improve local bonded fuel oil supporting services while building Zhoushan as a bonded fuel oil supply centre in Northeast Asia.
On 21 June 2021, Zhejiang Oil Center and Shanghai Futures Exchange jointly released the first RMB quotation mechanism based on the future domestic market price – China Zhoushan Low Sulfur Fuel Oil Bonded Ship Supply Quotation (Zhoushan Price).
After the release of Zhoushan Price, Zhejiang Oil Center, with the support of the Shanghai Futures Exchange and Zhejiang Free Trade Zone, further cooperated with relevant government departments and the main market players released the Anchorage Oil Supply Weather Index, Anchorage Oil Supply Weather Index, Zhoushan Oil Product Storage Comprehensive Price and Zhoushan Oil Product Storage Available Commercial Storage Capacity.
Related: China: Zhoushan port digitalises bunker fuel, oil product storage availability info
Related: China: Zhejiang Oil Center launches price information service for the storage of oil products
Related: Zhoushan and Ningbo authorities update bonded bunkering procedure document for shipowners
Related: Zhoushan port launches bunkering operations at Qushan temporary anchorage
Photo credit: Manifold Times
Published: 22 June, 2022
Domestic refiners are especially short of bunker supplies after cutting output or reducing refinery throughput this year because of weaker margins, it said.
Intends to support development of bonded bunkering operations at the Guangdong-Hong Kong-Macao Greater Bay Area as a resource supplier.
Suppliers will need to provide an actual measured flashpoint value on the bunker delivery note, unless the flashpoint has been measured at or above 70°C.
Bonded bunker sales for state-owned enterprises and Zhoushan enterprises were 1.44 mln mt and 155,000 mt, accounting for 90.26% and 9.24% of total sales.
Marine segment generated third quarter gross profit of $43 million, an increase of $13 million on year.
Trafigura Pte Ltd and Freepoint Commodities Singapore Pte Ltd reportedly received a combined 2,500 mt of VLSFO from Universal Terminal, reports Reuters.
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
