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JLC China Bunker Fuel Market Monthly Report (June 2024)

China’s bonded bunker fuel sales rebounded as enterprises offered discounts to achieve sales targets for first half of 2024, easing supervision of bunker barges in some regions and increasing barge capacity at some ports.

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JLC China Bunker Fuel Market Monthly Report (June 2024)

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for June 2024 with Manifold Times through an exclusive arrangement:

China’s bonded bunker fuel sales rebound in June

China’s bonded bunker fuel sales rebounded in June, as enterprises offered some discounts to achieve sales targets for the first half of this year, also because of easing supervision of bunker barges in some regions and increasing barge capacity at some ports.

The country sold about 1.78 million mt of bonded bunker fuel in the month, with the daily sales jumping by 11.55% month on month to 59,260 mt, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) rose to 510,000 mt, 640,000 mt, 65,000 mt and 40,000 mt, while those by suppliers with regional bunkering licenses climbed to 522,800 mt, the data indicates.

China’s daily bonded bunker fuel exports drop in May

China’s daily bonded bunker fuel exports dropped in May, because of still tepid bunkering demand, despite larger LSFO production.

The country exported about 1.74 million mt of bonded bunker fuel in the month, with the daily exports at 56,268 mt, slipping by 2.61% month on month, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

In breakdown, heavy bunker fuel exports amounted to 1.66 million mt in May, accounting for 95.18% of the country’s total exports. Meanwhile, light bunker fuel exports fell to 84,000 mt, accounting for 4.82%.

Dragging down the daily exports, bunkering demand was relatively weak and the barge capacity at Chinese ports remained tight amid lingering supervision of bunker barges.

On the other hand, Chinese refiners ramped up their LSFO production amid new export quotas, unit restarts and better margins, limiting the decline in the exports. These refiners produced about 1.31 million mt of LSFO in May, with the daily output at 42,268 mt, up 3.01% from April, JLC’s data indicates.

On a year-on-year comparison, China’s bonded bunker fuel exports descended by 10.06% in May.

In January-May, China tallied a total of 7.91 million mt of bonded bunker fuel exports, a drop of 5.46% from a year earlier, speeding up from a 4.07% decline in January-April. Specifically, heavy bunker fuel exports settled at 7.46 million mt in the five months, accounting for 94.25%, while light bunker fuel exports totaled 455,400 mt, occupying 5.75%.

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Domestic-trade heavy bunker fuel demand goes lower in June

Domestic-trade heavy bunker fuel demand slipped to 380,000 mt in June, contracting by 10,000 mt or 2.56% month on month, JLC’s data shows. Though restocking demand recovered after the rainy season in South China, shipowners were cautious about purchases amid a surplus of ships and a decline in freight rates.

At the same time, domestic-trade light bunker fuel demand was estimated at 140,000 mt, without change from the previous month, the data indicates. Trade in light bunker fuel remained relatively brisk, as demand from power generation was seasonally strong.

Bunker Fuel Supply

China’s bonded bunker fuel imports fall again in May

China’s bonded bunker fuel imports fell again in May, as domestic HSFO inventory was still high and LSFO supply increased.

The country imported about 309,800 mt of bonded bunker fuel in the month, down by 9.15% from the previous month and 12.24% from a year earlier, JLC estimated, with reference to data from the GACC.

Bonded distributors in East China were still under high inventory pressure as downstream HSFO consumption continued to decelerate, and they further reduced their bonded HSFO imports. The barge capacity at local ports stayed relatively tight, depressed by lingering supervision of bunker barges.

China’s bonded LSFO imports also decreased, as domestic refiners boosted their LSFO production after the country released new quotas on LSFO exports in early May. China’s LSFO output amounted to 1.31 million mt in May, with the daily output at 42,268 mt, up by 3.01% month on month, JLC’s data shows.

China’s bonded MGO imports did not change much in May.

Malaysia overtook Singapore as the largest bonded bunker fuel supplier to China in May. Malaysia shipped 100,400 mt of bonded bunker fuel to China in the month, accounting for 32.41% of the latter’s total. Singapore and Russia slipped to the second and third place with 100,000 mt and 67,200 mt, accounting for 32.29% and 21.69% respectively. South Korea came fourth with 42,200 mt, making up 13.61%.

In the first five months, China imported a total of 1.62 million mt of bonded bunker fuel, growing by 15.46% from the same months in 2023, slowing down from a leap of 24.80% in January-April.

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Domestic-trade heavy bunker fuel supply declines further

Domestic-trade bunker fuel supply declined further in June, as the availability of low-sulfur residual oil decreased and downstream shipping demand was still sluggish. Chinese blenders supplied about 400,000 mt of heavy bunker fuel in the month, a cut of 10,000 mt or 2.44% from a month earlier, JLC’s data shows.

On the flip side, domestic-trade MGO supply came in at 160,000 mt in the month, an increase of 10,000 mt or 6.67% month on month, the data shows. Refineries’ enthusiasm for MGO production was slightly boosted by stronger diesel prices.

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Bunker Prices, Profits

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JLC Network Technology Co., Ltd is recognized as the leading information provider in China. We specialized 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.

All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior authorization from JLC.

Related: JLC China Bunker Fuel Market Monthly Report (May 2024)
Related: JLC China Bunker Market Monthly Report (April 2024)
Related: JLC China Bunker Market Monthly Report (March 2024)
Related: JLC China Bunker Fuel Market Monthly Report (February 2024)
Related: JLC China Bunker Market Monthly Report (January 2024)

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: 11 July, 2024

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Bunker Fuel

Singapore: Bunker fuel sales soar by 7.5% on year in June 2025

4.59 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in June, up from 4.27 million mt recorded during the similar month in 2024, according to MPA.

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Singapore: Bunker fuel sales soar by 7.5% on year in June 2025

Sales of marine fuel at Singapore port increased by 7.5% on year in June 2025, according to Maritime and Port Authority of Singapore (MPA) data.

In total, 4.59 million metric tonnes (mt) (exact 4,594,700 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in June, up from 4.27 million mt (4,274,900 mt) recorded during the similar month in 2024.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in June (against on year) recorded respectively 1.70 million mt (+8.6% from 1.56 million mt), 2.31 million mt (-7.2% from 2.33 million mt), 1,900 mt (from zero), 4,500 mt (-88% from 8,000 mt) and zero (from zero).

Singapore: Bunker fuel sales soar by 7.5% on year in June 2025

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in June (against on year) recorded respectively 38,800 mt (+671.7% from 2,500 mt), 114,300 mt (+97.9% from 45,400 mt), zero (from zero), zero (from zero) and zero (from zero). B100 biofuel bunkers, introduced in February this year, recorded 1,000 mt of deliveries in June.

LNG and methanol sales were respectively 55,400 mt (-7.8% from 51,700) and zero (from zero mt). There were no recorded sales of ammonia for the month and so far in 2025.

Related: Singapore: Bunker sales volume raises to year record high of 4.88 million mt in May
Related: Singapore: Bunker fuel sales increase by 4% on year in April 2025
Related: Singapore: Bunker fuel sales increase by 0.5% on year in March 2025
Related: Singapore: Bunker fuel sales down by 8.1% on year in February 2025
Related: Singapore: Bunker fuel sales down by 9.1% on year in January 2025

A complete series of articles on Singapore bunker volumes reported by Manifold Times tracked since 2018 can be found via the link here.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 15 July 2025

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Alternative Fuels

ITOCHU orders world’s first ammonia bunkering vessel for Singapore demonstration project

Company contracted Sasaki Shipbuilding to build the 5,000 m3 vessel and Izumi Steel Works to construct an ammonia tank plant that will be loaded onto the vessel, which is expected to be delivered in 2027.

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ITOCHU orders world’s first ammonia bunkering vessel for Singapore demonstration project

ITOCHU Corporation (ITOCHU) on Monday (14 July) announced that it recently signed a shipbuilding contract for the construction of a 5,000 m3 ammonia bunkering vessel with Sasaki Shipbuilding. 

The company also announced an agreement regarding the construction of an ammonia tank plant that will be loaded onto the vessel with Izumi Steel Works. 

These agreements were signed by Clean Ammonia Bunkering Shipping Pte Ltd (CABS), a wholly owned Singapore-based specific purpose company of ITOCHU. 

In relation to this, CABS has concluded a financing agreement with The Hiroshima Bank for financing a part of purchase price of the vessel.

The agreements were concluded to pursue the Demonstration Project for Bunkering Ammonia as Marine Fuel in Singapore adopted by the Ministry of Economy, Trade and Industry in Japan as part of the Global South Future-oriented Co-Creation Project (large-scale demonstration in ASEAN member states). 

Going forward, with an eye toward the demonstration of ammonia bunkering in Singapore after building the world’s first newbuilding ammonia bunkering vessel, ITOCHU said efforts will be made to facilitate concrete discussions with the maritime stakeholders, including the port authority in Singapore, the Maritime & Port Authority of Singapore (MPA), and the fuel producers, while obtaining support from the Japanese Government.

The vessel is to be flagged under the Singapore Registry and is expected to be delivered in September 2027.

ITOCHU will establish a safe offshore bunkering operation of ammonia as marine fuel by way of ship-to-ship transfer through the development and construction of the vessel and demonstration. 

Then, by utilising the vessel, ITOCHU will establish connection between the first movers in clean ammonia production and the first movers in the ammonia-fueled vessels and secure initial demand for ammonia as marine fuel, aiming at the commercialisation of ammonia bunkering business in Singapore and expansion of similar business model to major maritime transportation points around the world, including Spain (Strait of Gibraltar), Egypt (Suez Canal) and Japan.

 

Photo credit: ITOCHU Corporation
Published: 15 July 2025

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Business

S@S Week 2025: Singapore conducts chemical spill exercise to gear up for methanol bunkering

Exercise simulated a methanol spill from a collision involving a methanol-carrying tanker off Singapore’s southern coast, triggering a multi-agency response which included spill containment.

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RESIZED bunker tanker singapore

The Maritime and Port Authority of Singapore (MPA) on Tuesday (15 July) conducted a multi-agency chemical spill exercise to strengthen Singapore’s operational readiness, as part of the International Safety@Sea (S@S) Week. 

MPA is organising the 12th edition of the S@S Week, with this year’s event being the international edition, taking place from 15 to 18 July 2025. 

Conducted off Singapore’s southern coast, the exercise involved 11 vessels and over 150 personnel from more than 10 government agencies and industry partners. Mr Murali, Mr Dominguez and Secretary-General, International Organization for Marine Aids to Navigation, Mr Francis Zachariae, observed the exercise.

The exercise simulated a methanol spill from a collision involving a methanol-carrying tanker, triggering a multi-agency response. This included coordinated efforts for spill containment and the evacuation of injured crew. A range of drone-enabled technologies was trialled during the exercise, including 3D imaging to assess vessel damage and a water curtain misting system to limit the spread of chemical plumes. An Uncrewed Surface Vehicle was also deployed to monitor air quality, reducing the need for responders to enter hazardous zones to perform such monitoring. The Maritime Digital Twin and chemical plume modelling tools were used to enhance situational awareness and support decision-making throughout the exercise.

The exercise is part of MPA’s broader preparations for methanol bunkering and provided a valuable opportunity for agencies and industry partners to better understand the safety and operational challenges, and potential solutions, in handling alternative fuels. Following an open call in March 2025, MPA has received 13 applications for methanol bunker supplier licenses, reflecting strong industry interest in supplying methanol on a commercial scale in Singapore. MPA is evaluating the applications and targets to issue the licenses in Q4 2025, which will cover the period from 1 January 2026 to 31 December 2030. 

Themed ‘The Future of Maritime Safety: Navigating the Next Frontier’, the annual event brings together local and international maritime experts, and the maritime community to promote awareness and facilitate discussions on maritime safety. 

Speaking at the opening today, Mr Murali Pillai, Senior Minister of State, Ministry of Law and Ministry of Transport, said that the maritime sector is facing increasingly complex global challenges, including heightened geopolitical tensions, climate change, and rapid transformation in digitalisation and decarbonisation. He highlighted that we can tackle these challenges by (i) equipping our workforce for future challenges, (ii) harnessing collective expertise through close collaborations and partnerships, and (iii) drawing upon technology and innovation to augment our capabilities. 

In his keynote address, Mr Arsenio Dominguez, Secretary-General of the International Maritime Organization (IMO), underscored the need for robust safety frameworks and regulations as the maritime landscape evolves. He cited Maritime Autonomous Surface Ships and new ship designs and systems using sustainable marine fuels as examples of how the maritime sector is transforming and outlined IMO’s priorities in those areas. Mr Dominguez also highlighted the importance of government-industry collaboration and initiatives like the Safety@Sea Singapore Campaign to foster a safety-first culture at sea.  

This year’s conference features 19 speakers across three plenaries. Discussions will focus on issues shaping the future of maritime safety, including lessons learned from past incidents, and the human element in ensuring safety as the industry transforms. A new Safety@Sea Community Conversations event will also bring together representatives from shipping companies, regional ferry operators, harbour craft operators and terminal operators to share their experiences and efforts in fostering a safety culture in their organisations. 

Over 1,800 participants from more than 40 countries are expected to participate in the week’s sessions. Other highlights include the Responders Plus Programme (RPP) Maritime Workshop jointly organised by MPA and the Singapore Civil Defence Force, and two safety forums organised by the MPA-Harbour Craft and MPA-Pleasure Craft Safety Work Groups to promote safety awareness and best practices within the local maritime community. 

MPA is also enhancing safety across other areas of port operations. In collaboration with Skyports Drone Services, TFG Marine and CBS Ventures, MPA and the partners will complete Singapore’s first shore-to-ship drone trials for delivery and retrieval operations from bunker tankers later this week. 

The use of drones reduces reliance on harbour craft for such operations, improving efficiency while reducing pollution and congestion. 

It also minimises safety risks by removing the need for crew to handle and transfer heavy items between the ship and shore using harbour craft. Safety considerations, including the management of electrostatic discharge risks during the drone operations, are carefully reviewed in preparation for the trials. 

Findings from these trials will inform the development of safety protocols and an operational framework to support the phased implementation of this new maritime service.

 

Photo credit: Manifold Times
Published: 15 July 2025

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