Bunker Fuel

JLC China Bunker Fuel Market Monthly Report (January 2025)

China’s bonded bunker fuel sales rebounded in January with 1.64 million mt of bonded bunker fuel sold, as domestic LSFO supply increased after the release of new export quotas, according to JLC data.

Published

1 month ago

February 13, 2025

Admin

JLC China Bunker Fuel Market Monthly Report (January 2025)

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for January 2025 with Manifold Times through an exclusive arrangement:

China’s bonded bunker fuel sales rebound in January

China’s bonded bunker fuel sales rebounded in January, as domestic low-sulfur fuel oil (LSFO) supply increased after the release of new export quotas.

The country sold roughly 1.64 million mt of bonded bunker fuel in the month, with daily sales at 52,806 mt, gaining 2.87% month on month, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 480,000 mt, 570,000 mt, 55,000 mt and 26,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 506,000 mt.

Most companies recorded higher bonded bunker fuel sales in the month, as domestic LSFO production returned to normal after China released the first batch of LSFO export quotas for 2025. Capping the upside, however, bunkering operations at Chinese ports were slowed down by the Chinese New Year holiday in late January.

China’s bonded bunker fuel exports edge down in 2024

China’s bonded bunker fuel exports edged down in 2024, as domestic refiners cut their production in view of quota tightness.

The country exported 19.63 million mt of bonded bunker fuel in the year, a modest cut of 0.24% year on year, JLC calculated, with reference to data from the General Administration of Customs of PRC (GACC).

Among the shipments, heavy bunker fuel exports settled at 18.33 million mt, accounting for 93.38%, while light bunker fuel exports settled at 1.30 million mt, accounting for 6.62%.

In December alone, China’s bonded bunker fuel exports were roughly 1.44 million mt, dropping by 20.90% month on month and 9.47% year on year, JLC calculated, with reference to the GACC data. In breakdown, heavy bunker fuel exports settled at 1.35 million mt, occupying 93.54%, while light bunker fuel exports came in at 93,000 mt, making up 6.46%.

JLC China Bunker Fuel Market Monthly Report (January 2025)

Domestic-trade bunker fuel demand shrinks in January

Domestic-trade bunker fuel demand shrank in January, as trade in the shipping market was relatively thin during the Chinese New Year holiday.

Domestic-trade heavy bunker fuel demand was estimated at 390,000 mt in the month, down by 10,000 mt or 2.50% from the previous month, JLC’s data shows. At the same time, domestic light bunker fuel demand settled at 130,000 mt, slipping by 10,000 mt or 7.14% month on month.

Bunker fuel demand witnessed a modest increase in early January, buoyed by pre-holiday restocking. However, demand declined later in the month, as the majority of downstream buyers had completed their restocking.

Bunker Fuel Supply

China’s bonded bunker fuel imports surge in 2024

China’s bonded bunker fuel imports surged in 2024, which could mainly be ascribed to tight domestic supply.

China imported a total of 6.04 million mt of bonded bunker fuel last year, soaring by 45.92% year on year, JLC calculated, with reference to data from the GACC.

Only a few bonded distributors imported LSFO in the first half of 2024, while others prioritized imported high-sulfur fuel oil (HSFO). However, in the second half, domestic LSFO supply tightened significantly amid insufficient quotas, forcing bonded distributors to import more LSFO to fill the gap. Meanwhile, demand for imported HSFO continued to improve, as more ships were equipped with scrubbers and the import arbitrage window opened.

In December alone, China’s bonded bunker fuel imports exceeded 1 million mt and hit a 4-year high, as domestic LSFO output fell off a cliff amid persistent quota tightness. The imports amounted to 1.09 million mt in the month, jumping by 19.58% month on month and 247.21% year on year.

Singapore topped all suppliers by shipping 550,700 mt of bonded bunker fuel to China in the month, which accounted for 50.32% of the latter’s total imports. Malaysia slipped to the second place with 351,200 mt, accounting for 32.09%. Iraq and South Korea ranked third and fourth with 182,500 mt and 10,000 mt, accounting for 16.68% and 0.91%, respectively.

JLC China Bunker Fuel Market Monthly Report (January 2025)

Domestic-trade bunker fuel supply tightens in January

Domestic-trade bunker fuel supply tightened in January, because of decreasing availability of blendstock.

Chinese blenders supplied about 400,000 mt of domestic-trade heavy bunker fuel in the month, a cut of 30,000 mt or 6.98% from a month earlier, JLC’s data indicates.

Supply of residual oil, shale oil and light coal tar tightened, forcing blenders to decelerate their bunker fuel production. Meanwhile, blendstock prices fluctuated higher amid tighter supply, which also dampened some blenders’ buying interest.

Domestic-trade light bunker fuel supply settled at 150,000 mt in January, down by 10,000 mt or 6.25% month on month, the data shows. Refineries continued to lower their operating rates, because of the Chinese New Year holiday and stricter industry regulations.

JLC China Bunker Fuel Market Monthly Report (January 2025)

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JLC China Bunker Fuel Market Monthly Report (January 2025)

Editor
Yvette Luo
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Sales (Beijing)
Tony Tang
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JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialise in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity market. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertilizer and metal industry, etc.

JLC China Bunker Fuel Market Monthly Report is published by JLC Network Technology Co., Ltd every month on China bunker market, demand, supply, margin, freight index, forecast and so on. The report provides full-scale & concise insight into China bunker oil market.

Note: China-based commodity market information provider JLC Technology has been providing Singapore bunkering publication Manifold Times China bunker volume data since 2020. Data from earlier periods are available here.

Photo credit: JLC Network Technology
Published: 13 February, 2025

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Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

New vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, will serve inter-island commuter and tourism operations across Hong Kong.

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Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

Global digital shipbuilder Incat Crowther on Wednesday (19 March) said Hong Kong-based ferry operator Sun Ferry has taken delivery of Xin Ming Zhu 30, a new, 35-metre diesel-electric ferry.

The new vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, is the third vessel to join a fleet of seven new vessels designed by Incat Crowther for the mass transit operator.

The vessel will serve inter-island commuter and tourism operations across Hong Kong, connecting Peng Chau, Mui Wo, Chi Ma Wan and Cheung Chau.

The 300-seat passenger ferry boasts Veth azimuth thrusters that provide high manoeuvrability at operating speeds of 14 knots. The adoption of this technology makes the vessel suitable for berthing at piers on inter island routes.

The vessel is also fitted with 72 solar panels providing 7.5 kilowatts of on-board power.

Sam Mackay, Technical Manager at Incat Crowther, said: "This vessel reflects Sun Ferry’s commitment to future focused design solutions that not only meet operational needs, but that exceed customer expectations.”

“With diesel-electric propulsion, solar technology, and passenger-centric design, it sets a new benchmark for sustainable and efficient ferry services in Hong Kong.”

The delivery of the 35-metre hybrid vessel follows the delivery of two 45-metre conventional diesel-powered vessels to Sun Ferry. The final three vessels, all 45-metre vessels, will be delivered by the end of 2025. All vessels in the fleet have been designed by Incat Crowther and built by AFAI Southern Shipyard.

Photo credit: Incat Crowther
Published: 20 March, 2025

Biofuel

PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Company supplied the bio bunker fuel, a product containing 30% renewable raw materials, to “BBC Lisbon” at Port of Aveiro on 3 March and to “ANNA” at Port of Leixões on 18 March.

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PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Biofuels producer PRIO on Wednesday (19 March) said it carried out Eco Bunkers B30 fuel deliveries to shipping company Briese Chartering in collaboration with its partner UFS Unites Fuel Services this month.

On 3 March, PRIO supplied the biofuel to cargo vessel BBC Lisbon at the Port of Aveiro and to another cargo vessel, ANNA, at the Port of Leixões on 18 March.

“With these two Eco Bunkers B30 deliveries, a product containing 30% renewable raw materials, PRIO enabled Briese Chartering to reduce around 60 tons of CO2 in just two port calls in Portugal,” it said in a social media post.

“Produced at PRIO’s Aveiro plant, biodiesel has the potential to reduce GHG emissions by approximately 88% compared to fossil fuels.”

“PRIO has been demonstrating its commitment to decarbonising the maritime sector by supplying more sustainable products, ranging from 1% to 100% renewable content.”

Manifold Times previously reported PRIO launching its ECO Bunkers B30 biofuel in partnership with Norwegian Cruise Line Holdings and World Fuel Services.

PRIO previously launched ECO Bunkers B15, a green fuel for ships with 15% biodiesel and the company then launched a 20% biofuel blend, ECO Bunkers E20.

Photo credit: PRIO
Published: 20 March, 2025

LNG Bunkering

Gasum completes SIMOPS LNG bunkering operation of PCTC “Höegh Sunlight”

Gasum’s LNG bunker vessel “Coralius” made its 920th LNG delivery to “Höegh Sunlight”, a brand new PCTC, with a capacity of 9100 CEU, at the Port of Gothenburg, Sweden on 10 March.

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Gasum completes SIMOPS LNG bunkering operation of PCTC “Höegh Sunlight”

Energy company Gasum on Wednesday (19 March) announced its delivery of liquified natural gas (LNG) to a car carrier during a simultaneous bunkering and cargo operation (SIMOPS) at the Port of Gothenburg, Sweden.

The company said it was the first ever LNG delivery to Höegh Sunlight at the Logent Car Terminal on 10 March 2025.

Gasum’s LNG bunker vessel Coralius made its 920th LNG delivery to Höegh Sunlight, a brand new Pure Car and Truck Carrier (PCTC), with a capacity of 9100 CEU, during a ship-to-ship (STS) bunkering operation.

The company did not specify the amount of LNG supplied to the vessel.

The delivery was a collaboration between Gasum, Glander International, Höegh Autoliners, the Port of Gothenburg and Sirius Agency.

Photo credit: Gasum
Published: 20 March, 2025