The Chinese market is making plans to prepare for upcoming IMO 2020, representatives of China National Petroleum Corporation and Shanghai Futures Exchange informed delegates at a recent conference on Thursday (4 July), as reported by Xinhua.
Zhang Wei, Vice President of state-owned China National Petroleum Corporation (CNPC), said listed arm PetroChina is initially planning to produce 4 million metric tonnes of Low Sulphur Fuel Oil (LSFO) material for supply to the bunkering industry.
The first batch of LSFO was exported from Dalian Petrochemical in early June and has been successfully supplied to China’s bonded marine oil market.
Jiang Yan, Chairman of Shanghai Futures Exchange (SHFE), meanwhile noted the Chinese marine fuel industry will experience greater challenges and opportunities ahead in 2020.
The country is also making plans to decrease reliance on foreign fuel oil while investing in being a bunkering centre, he said.
Jiang added there is also a strong correlation between the price of bonded marine fuel at Shanghai, Singapore and East China.
As such, he said SHFE will be launching a bonded LSFO futures contract which foreign entities will be able to participate to ensuring competitiveness between the Chinese and international markets.
Photo credit: Manifold Times
Published: 5 July, 2019
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
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.