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China: Zhoushan bonded bunkering volume up 10% on year to 460,000 mt in January

28 Feb 2022

The following article published by Manifold Times on 28 February was sourced through a local correspondent. An online translation service was used in the production of the current editorial piece:

The bonded bunkering volume at Zhoushan port in China increased in January on year due to a variety of factors, according to Xinmin Evening News.

In January, Zhoushan recorded a bonded bunkering volume of 460,000 metric tonnes (mt) representing a 10.22% rise on year. In total, the port posted a throughput of 13.3903 million mt of oil and natural gas, an increase of 21.83% on-year.

In 2021, the Zhejiang International Oil and Gas Trading Center at Zhoushan achieved a cumulative online transaction volume of RMB 64.16 billion – more than the previous five years combined.

The improvements were made possible through deepened cooperation between entities such as Shanghai Futures Exchange and the Zhejiang International Oil and Gas Exchange Center which launched the “China Zhoushan Low Sulphur Fuel Oil Bonded Vessel Offer” based on domestic futures market prices for marine fuel.

Cooperation between both entities have also resulted in the introduction of trades within other categories including gasoline, diesel, fuel oil, rubber and asphalt which recorded a trading volume of 4,600 mt producing a turnover of about RMD 21.48 million.

Further, the average customs clearance time of bonded oil to for transfers import into the Zhejiang Pilot Free Trade Zone has been shortened from 7 days to 1.5 days due to the introduction of an innovative oil trade facilitation system, which has since been introduced to other Chinese ports.

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Related: China: Zhoushan maritime and bunkering sector undergoes expansion in 2021
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Related: Zhoushan bunkering conference discusses marine fuel sector trends

 

Photo credit: Manifold Times
Published: 28 February, 2022

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