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JLC China Bunker Fuel Market Monthly Report (May 2023)

Country sold about 1.54 million mt of bonded bunker fuel in May, with the daily sales inching down by 1.19% to 49,526 mt, JLC’s data shows, says JLC Network Technology report.

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Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for May 2023 with Manifold Times through an exclusive arrangement:

Bunker Fuel Demand

China sees a drop in its daily bonded bunker fuel sales in May

China saw a drop in its daily bonded bunker fuel sales in May when demand was still average and domestic supply remained relatively tight. 

The country sold about 1.54 million mt of bonded bunker fuel in May, with the daily sales inching down by 1.19% to 49,526 mt, JLC’s data shows. Specifically, the daily sales by Chimbusco, Sinopec Zhoushan, ChinaChangJiang Bunker (Sinopec) and SinoBunker settled at about 17,097 mt, 18,387 mt, 2,194 mt and 1,129 mt. At the same time, suppliers with regional bunkering licenses sold roughly 10,719 mt per day, the data shows. 

Despite a modest increase in China’s daily low-sulfur fuel oil (LSFO) output, domestic bonded bunker fuel supply remained relatively tight, depressing the daily sales. But some importers increased their purchases of bonded bunker fuel resources, alleviating the previous disruption of blendstock supply. 

China slashes its bonded bunker fuel exports in April

China slashed its bonded bunker fuel exports in April, as domestic supply tightened. 

The country exported roughly 1.43 million mt of bonded bunker fuel in the month, a nosedive of 30.76% from the previous month, reversing a rise of 28.23% in March, JLC estimated, with reference to data from the GeneralAdministration of Customs of PRC (GACC). 

Specifically, heavy bunker fuel exports were about 1.36 million mt, accounting for 95.23% of the total, whilelight bunker fuel exports amounted to 68,300 mt, taking up 4.77%. 

Suppliers with national bunkering licenses exported about 1.09 million mt of bonded bunker fuel in the month, accounting for 75.91% of China’s total, with Sinopec Fuel Oil and Chimbusco taking 70.51%. At the sametime, enterprises with regional licenses exported about 344,800 mt, accounting for 24.09%. Noticeably, PetroChina Fuel Oil (Zhoushan, Shanghai and Guangzhou) exported a combination of 171,100 mt, occupying 11.95% of China’s exports and 49.62% of regional suppliers’ total. 

China’s bonded bunker fuel exports plunged rapidly as domestic refiners cut their LSFO production amid badmargins, insufficient supply of blendstocks and more unit maintenance. The country produced roughly 1.07million mt of LSFO in April, with the daily output at 35,600 mt, tumbling by 17.33% from a month earlier, JLC’s data indicates. 

On a year-on-year comparison, however, China’s bonded bunker fuel exports increased by 11.33%. The yearly growth was mainly ascribed to a low base in April 2022 when China tightened its virus-led restrictions amid a new outbreak of the epidemic. 

China tallied a total of 6.43 million mt of bonded bunker fuel exports in the first four months of this year, downby 2.89% from the same months in 2022, slowing down from a year-on-year decline of 6.31%in the first quarter, the data shows. 

The exports of heavy bunker fuel and marine gas oil were 6.11 million mt and 323,800 mt in the period, accounting for 94.96% and 5.04% respectively. 

Regarding the exports by supplier, enterprises with national licenses exported 5.22 million mt in the period, accounting for 81.17% and those with regional ones exported 1.21 million mt, accounting for 18.83%.

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Domestic-trade bunker fuel demand still shrinks in May

Domestic-trade bunker fuel demand shrank again in May when bearish sentiment strengthened. 

Domestic-trade heavy bunker fuel demand slipped to 310,000 mt in the month, down by 20,000 mt or 6.06%month on month. In view of flagging international crude prices, participants expected a further decline in domestic bunker fuel prices, resulting in relatively thin trading. 

Similarly, domestic-trade light bunker fuel demand decreased to 130,000 mt in the month, down by 10,000mt or 7.14% from a month earlier. Domestic diesel demand contracted as operating rates at outdoor projects fell amid higher temperatures. 

Bunker Fuel Supply

China’s bonded bunker fuel imports rally to 4-month high in Apr

China’s bonded bunker fuel imports rebounded to a 4-month high in April, as domestic supply declined sharply and was insufficient to meet demand.

The country imported 413,900 mt of bonded bunker fuel in the month, surging by 135.71% month on monthand 35.17% year on year, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC). 

Malaysia topped the suppliers by shipping 308,700 mt of bonded bunker fuel to China, which accounted for 75% of the latter’s total imports. South Korea slipped to the second place with 59,800 mt, accounting for 14%, followed by Singapore with 45,400 mt, occupying 11%. 

Domestic supply of low-sulfur bunker resources tightened as refiners slashed their LSFO production. The country produced about 1.07 million mt of LSFO in April, a decline of 9.87% year on year, with the daily output at 35,600 mt, tumbling by 17.33% from March, JLC’s data shows. 

To fill the demand gap, some traders boosted their bonded bunker fuel imports in April, though freight rates for imported cargoes stayed relatively steep. At the same time, the import arbitrage window opened after China’s bonded bunker fuel prices climbed amid tightening supply. Besides, importers also increased their imports of high-sulfur fuel oil, due to the decline in domestic LSFO supply. 

China’s bonded bunker fuel imports totaled 1.05 million mt in the first four months of this year, a slump of 33.73% year on year, decelerating from a 50.30% plunge in the first quarter, JLC estimated, based on data from GACC. The plunge in imports came as a result of larger LSFO production. Chinese refiners producedabout 4.86 million mt of LSFO in the four months, growing by 2.51% from the same months in 2022, JLC’s data indicates.

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Domestic heavy bunker fuel supply decreases in May

Domestic-trade heavy bunker fuel supply slightly lessened in May, as blenders lowered their output in view of relatively high feedstock costs. Chinese blenders supplied about 340,000 mt of heavy bunker fuel in the month, a decrease of 10,000 mt or 2.86% month on month, JLC’s data shows.

In the meantime, blenders supplied about 140,000 mt of marine gas oil (MGO) in the month, a drop of 10,000mt or 6.67% from April, the data indicates.

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Bunker Prices, Profits

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Editor
Yvette Luo
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Sales (Beijing)
Tony Tang
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Sales (Singapore)
Ginny Teo
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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 Market Monthly Report (March 2023)
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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 that period is available here.

 

Photo credit: JLC Network Technology
Published: 12 June, 2023

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Bunker Fuel

Singapore: Bunker fuel sales down by 9.1% on year in January 2025

4.46 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in January, a drop from 4.91 million mt recorded during the similar month in 2024, according to MPA data.

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Singapore: Bunker fuel sales down by 9.1% on year in January 2025

Sales of marine fuel at Singapore port decreased by 9.1% on year in January 2025, according to Maritime and Port Authority of Singapore (MPA) data.

In total, 4.46 million metric tonnes (mt) (exact 4,461,710 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in January, a drop from 4.91 million mt (4,906,100 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 January (against on year) recorded respectively 1.66 million mt (zero from 1.66 million mt), 2.43 million mt (-15% from 2.86 million mt), 900 (+100% from zero), 3,100 mt (-77% from 13,500 mt) and zero (from zero).

Singapore: Bunker fuel sales down by 9.1% on year in January 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 January (against on year) recorded respectively 16,000 (+100% from zero), 92,000 mt (+103% from 45,300 mt), zero (from zero), zero (from zero) and zero (from zero).

LNG and methanol sales were posted respectively at 6,600 mt (-36.5% from 10,400) and zero (from zero).

A complete series of articles on Singapore bunker volumes by Manifold Times in 2024 can be found below:

Related: Singapore: Bunker fuel sales down by 5.2% on year in December 2024
Related: Singapore: Bunker fuel sales gain by 4.6% on year in November 2024
Related: Singapore: Bunker fuel sales gain by 10.8% on year in October 2024
Related: Singapore: Bunker fuel sales continue to increase by 2.8% on year in September 2024
Related: Singapore: Bunker fuel sales increase by 7.2% on year in August 2024
Related: Singapore: Bunker fuel sales up by 3.3% on year in July 2024
Related: Singapore: Bunker fuel sales gain 8.7% in June 2024
Related: Singapore: Bunker fuel sales increase by 6.7% in May 2024
Related: Singapore: Bunker fuel sales down by 0.6% on year in April 2024
Related: Singapore: Bunker fuel sales increase by 6.4% on year in March 2024
Related: Singapore: Bunker fuel sales up by 18.8% on year in February 2024
Related: Singapore: Bunker fuel sales up by 12.1% on year in January 2024

 

Photo credit: Maritime and Port Authority of Singapore
Published: 14 February, 2025

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Bunker Fuel

Singapore-based Straits Bio-LNG aims to deliver 250,000 mt of bio-LNG bunker fuel per year

Firm is currently in advanced stage of testing breaking down Empty Fruit Bunch through an established biological process with high enzyme concentration in its R&D facility in Malaysia to produce bio-LNG.

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Singapore-based Straits Bio-LNG aims to deliver 250,000 mt of bio-LNG bunker fuel per year

Straits Bio-LNG, a privately owned supplier of bio-LNG, is aiming to deliver 250,000 metric tonnes (mt) of bio-LNG per year in Singapore, according to SEA-LNG on Thursday (13 February).

The Singapore-based company, led by SK Tan as CEO, is doing so in response to the growing demand for LNG. LNG bunkering volumes have grown significantly in key bunkering hubs as more LNG-fuelled vessels have entered into operation. 

The Maritime and Port Authority of Singapore (MPA) saw a dramatic four-fold increase in 2024 to almost 340,000 mt, SEA-LNG said in a statement announcing Straits Bio-LNG joining the coalition. 

Headquartered in Singapore, the company boasts a growing team led by SK Tan as CEO.  

Yiyong He, Director at Straits Bio-LNG, said: “We’re firmly convinced in the viability of the LNG pathway to decarbonise the shipping industry. With its very low carbon intensity and improving commerciality, liquified biomethane will be a critical piece of the puzzle for decarbonising the sector.”

“By joining SEA-LNG, we’re proud to be part of a collection of first movers making real strides to make the LNG pathway a tangible reality today.”

Straits Bio-LNG aims to reach its bio-LNG supply goal by using pioneering methods. It is currently in the advanced stage of testing breaking down Empty Fruit Bunch (EFB) through an established biological process with high enzyme concentration in its R&D facility in Malaysia. 

Both Palm Oil Mill Effluent (POME) and EFB are sustainable biomass resources listed in the “List of Materials Eligible for ISCC EU Certification” and are therefore compliant with the European Union’s Renewable Energy Directive (RED).

Peter Keller, chairman of SEA-LNG, added: “The Port of Singapore is the largest global bunkering hub. As seen in our View from the Bridge report, 2024 saw record growth in LNG and liquified biomethane bunkering, but we need more fuel to meet upcoming demand.”

“The use of liquefied biomethane as a marine fuel can reduce GHG emissions by up to 80% compared to marine diesel on a full well-to-wake basis. When produced from the anaerobic digestion of waste materials, such as manure, POME or EFB, methane that would otherwise be released into the atmosphere is captured, resulting in negative emissions of up to -190% compared with diesel."

An independent study by the Maritime Energy and Sustainable Development Centre of Excellence at Nanyang Technical University in Singapore found that pure bio-LNG could cover up to 13% of the total energy demand for shipping fuels in 2050, rising to 63% for a 20% blending ratio. 

SEA-LNG added MPA has firmly established itself as a leader in the LNG pathway, with suppliers such as Straits Bio-LNG reinforcing this position. 

Recently, the port launched an Expression of Interest (EOI) to explore scalable solutions for sea-based LNG reloading to complement the existing onshore LNG bunkering storage and jetty capacities and the supply of e/bio-methane as marine fuel in the Port of Singapore.

“Straits Bio-LNG will play a critical role in furthering the expansion of liquified biomethane at scale to meet the demand and continuing to showcase the LNG pathway as a practical and realistic solution for shipowners to decarbonise their operations, starting today,” it said. 

Related: Singapore: MPA launches EOI to expand LNG bunkering services amid growing demand

 

Photo credit: Straits Bio-LNG
Published: 14 February, 2025

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Winding up

Singapore: Final meetings scheduled for Gagarmayang Maritime and related companies

Other companies involved are Pramoni Maritime Pte Ltd, Wulansari Maritime Pte Ltd, Anjasmoro Maritime Pte Ltd and Indradi Maritime Pte Ltd.

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The final meetings of members of Gagarmayang Maritime Pte Ltd and related companies, has been scheduled to take place on 12 March, according to the company’s liquidators on a notice posted on Wednesday (12 February) on the Government Gazette.

The other companies involved in the matter are Pramoni Maritime Pte Ltd, Wulansari Maritime Pte Ltd, Anjasmoro Maritime Pte Ltd and Indradi Maritime Pte Ltd.

The meetings will be held by way of electronic means at 11am for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the liquidators.

The details of the liquidators are as follows:

Hamish Alexander Christie
c/o H.A. Christie & Co
20 Collyer Quay, #11-05
Singapore 049319

Related: Singapore: Wulansari Maritime Pte Ltd and related companies to be wound up voluntarily
Related: Creditors meeting for Anjasmoro Maritime and affiliated sister firms to be held in Oct

 

Photo credit: Benjamin-child
Published: 14 February, 2025

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