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China officially launches Zhoushan Bonded Fuel Oil Index System with ‘Buyer’s Quotation’

Initial participants of the buyer’s quotation system consists of seven international shipowners including bulk commodities, dry bulk cargo, and ocean fishing players.

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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

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LNG Bunkering

Singapore: MPA launches EOI to expand LNG bunkering services amid growing demand

MPA is seeking proposals to explore scalable solutions for sea-based LNG reloading to complement existing onshore LNG bunkering storage and jetty capacities and e/bio-methane supply as a marine fuel.

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RESIZED SG bunker tanker

The Maritime and Port Authority of Singapore (MPA) has launched an Expression of Interest (EOI) to explore scalable solutions for sea-based liquefied natural gas (LNG) reloading to complement the existing onshore LNG bunkering storage and jetty capacities and the supply of e/bio-methane as marine fuel in the Port of Singapore.

MPA said LNG bunkering in Singapore has grown from 16,000 tonnes delivered in 2022 to over 385,000 tonnes delivered from January to October 2024. 

According to the EOI, demand for LNG bunkering is expected to grow further with a growing global fleet of LNG dual-fuelled vessels and competitive LNG bunker prices. 

“The EOI seeks to gather proposals on three areas: to scale up sea-based reloading operations, including ship-to-bunker barge LNG operations; to facilitate the supply of LNG alternatives such as liquefied bio-methane; and to develop floating platform concepts to enhance bunkering safety and efficiency,” MPA added.

“The EOI proposals should also include mitigation measures to address the issue of methane slip on a well-to-wake basis.”

Participants in the EOI do not need to be an existing LNG bunkering licensee. Participants are required to propose models for operationalising sea-based LNG reloading starting from 2025. Participants selected will be required to conduct trials in Singapore to validate the proposed solution’s operational feasibility and safety. 

“Insights gained from the EOI and trials will inform MPA’s review of the LNG licensing framework, including enhancements to supply to better serve the industry’s bunkering needs,” it said. 

Note: Interested parties can visit the MPA website for details and submission guidelines. Proposals must be submitted by 28 February 2025, 1pm (Singapore time).

 

Photo credit: Manifold Times
Published: 13 December, 2024

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Events

Malaysia: 12th PorTech Asia Summit to bring together leaders in port industry

Event, which will be held on 9 to 10 January, will tackle important topics in the port industry including challenges and opportunities for Asian Port Industry as well as sustainable green development of ports.

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Malaysia: 12th PorTech Asia Summit to bring together leaders in port industry

The 12th PorTech Asia Summit is now just one month away, with doors opening at Berjaya Times Square Hotel in Kuala Lumpur, Malaysia on 9 to 10 of January. 

The summit is organised and hosted by Shine Consultant and co-organised by ASEAN Ports Association (APA). 

Themed Smart, Green, Multi-win, the summit will gather leaders and experts in the field of port technology around the world to discuss and promote the innovation and development of the port industry in the digital era.

Some speakers who were invited to share their unique insights and valuable experiences in their respective fields include: 

  • Dato' Monaliza Binti Suhaimi, General Manager, Johor Port Authority
  • YBhg. Dato' Dr. Vijayaindiaran A/LR.Viswalingam, General Manager, Penang Port Commission
  • Uematsu Hisataka, President, Port of Yokohama, Japan
  • Vineet Mahajan, Vice President & Head of Sustainability, DP World APAC
  • Liu Chang Man, Vice President, Shanghai International Port (Group) Co., Ltd
  • Sushil Kumar Singh, Chairman, Mumbai Port Authority and Deendayal Port Authority
  • Mazlim Bin Husin, Chief Commercial Officer, Kuantan Port
  • Mohd Khairul Azizat Johari, Head of Facility Management, Johor Port Berhad, Malaysia
  • Budi Cahyono, Vice President Director, PT Jakarta International Container Terminal
  • Eun-kyoung Park, General Manager, Overseas Business Department, Busan Port Authority
  • Ivan Fantin, Vice President, Chief Lean Officer, APM Terminals, Maersk
  • Desmond Ong, Chief Digital Officer, Jurong Port, Singapore

Agenda

Day 1: 9 January

Session 1: Challenges and Opportunities for Asian Port Industry

Session 2: Blending Old and New: Port Construction and Upgrade Projects

Day 2: 10 January 

Session 3 Forum: Efficiency Improvement and Business Innovation Driven by Digital Intelligence 

Session 4  Forum: Green & Safety - Building Sustainable Development Capacity of Ports

Shine Consultant is inviting representatives from government and port authorities, industry associations, port terminal owners, digital solution providers, port machinery and equipment suppliers, research institutions, professional service organizations, and other relevant institutions to attend the summit. 

Participants will have the opportunity to exchange ideas with industry leaders and jointly explore the future trends and innovative pathways of the port industry.

Interested parties may contact:

Jenny Wu
Tel: (86 21) 6095 7179
E-mail: [email protected]
Company: Shine Consultant International Ltd.

Or scan QR code to register. Interested parties may also register here.

qr code portech

Related: 12th PorTech Asia Summit to be held in Malaysia from 9 to 10 January

 

Photo credit: Shine Consultant
Published: 13 December, 2024

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LNG Bunkering

Wärtsilä wins LNG systems order for Vitol bunkering newbuild vessel

Firm will supply cargo Handling and Fuel Gas Supply systems for a new 12,500 m3 LNG bunkering vessel currently being built at Nantong CIMC Sinopacific Offshore & Engineering shipyard in China.

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Wärtsilä wins LNG systems order for Vitol bunkering newbuild vessel

Wärtsilä Gas Solutions, part of technology group Wärtsilä, on Friday (13 December) said it has won a contract to supply Cargo Handling and Fuel Gas Supply systems for a new 12,500 m3 LNG bunkering vessel.

The vessel is being built at the Nantong CIMC Sinopacific Offshore & Engineering shipyard in China, for global energy company Vitol.

“Wärtsilä’s ability to engineer, design and deliver a complete system, including the Boil-Off Gas (BOG) management, integrated fuel supply, custody transfer and bunkering transfer systems, was central to the contract award,” Wärtsilä said, adding the order was booked by the company in Q4, 2024. 

Richie Zhu, Sales Manager, Wärtsilä Gas Solutions, China, said: “LNG is today an important marine fuel and is rapidly becoming the preferred choice for owners and operators seeking more sustainable fuel options. The market for LNG bunkering vessels is increasing in line with this trend, and we have established a leading position in supplying modern and reliable systems that optimise overall cargo handling efficiency for such vessels.”

Manifold Times previously reported Vitol securing three LNG Bunkering Vessels (LNGBV) through its shipping company, Vitol International Shipping Pte Ltd (VIS).

The vessels were secured via a seven to ten year time charter agreement with Avenir LNG Limited (Avenir) and an order for two vessels at the CIMC Sinopacific Offshore & Engineering Co. Ltd shipyard in Nantong, China.

The time charter agreement with Avenir is for one newbuild 20,000 m3 LNGBV. The time charter will commence at delivery from the shipyard in China in Q4 2026 and will serve a period of seven years with options to extend up to ten years in total. 

Vitol also ordered one 12,500 m3 and one 20,000 m3 LNGBV at the CIMC SOE shipyard in China. The vessels will be delivered in Q4 2026 and Q3 2027 respectively.

Related: Vitol secures LNG bunker vessel trio with time charter deal and newbuilding order

 

Photo credit: Wärtsilä
Published: 13 December, 2024

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