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China: Qingdao port launches bonded delivery operations of LSFO futures

03 Mar 2022

The following article published by Manifold Times on 3 March 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:

Oil tanker Dahai Oil 15 on Friday (25 February) unloaded 15,000 metric tonnes (mt) of low sulphur fuel oil (LSFO) material into storage tanks operated by Qingdao Shihua Crude Oil Terminal Co., Ltd.

The facility is the first designated futures delivery warehouse for LSFO in northern China, according to the Port of Qingdao.

The development builds upon the launch of LSFO futures by the Shanghai International Energy Exchange Center on 22 June 2020, a service which is seeing increasing demand from traders and local refiners.

Local bunkering firms will now be able to take advantage of the LSFO futures to mitigate operational risks, said Zhuang Yuan, business director at Qingdao Shihua Crude Oil Terminal Co., Ltd.

The implementation of the LSFO futures delivery business will help Qingdao Port further establish itself as a marine oil bunkering centre in Northeast Asia.


Photo credit: Manifold Times
Published: 3 March, 2022

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