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JLC China Bunker Fuel Market Monthly Report (May 2024)

Country sold about 1.62 million mt of bonded bunker fuel in May, with the daily sales slipping by 3.42% month on month to 52,416 mt due to tepid bunkering demand, according to JLC’s data.

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JLC China Bunker Market Monthly Report (May 2024)

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

Bunker Fuel Demand

China sees another fall in bonded bunker fuel sales in May

China saw another fall in its bonded bunker fuel sales in May, due to tepid bunkering demand, despite larger LSFO production.

The country sold about 1.62 million mt of bonded bunker fuel in the month, with the daily sales slipping by 3.42% month on month to 52,416 mt, JLC’s data indicates.

Bonded bunker fuel sales by Chimbusco and SinoBunker dropped to 480,000 mt and 55,000 mt in May, while those by Sinopec (Zhoushan) and China Changjiang Bunker (Sinopec) climbed to 590,000 mt and 36,000 mt, respectively. In the meantime, suppliers with regional bunkering licenses sold 463,900 mt of bonded bunker fuel, sliding from 468,100 mt in April, the data shows.

Though refiners ramped up LSFO production, the barge capacity at domestic ports was relatively tight amid lingering supervision of bunker barges, which dragged down the country’s bonded bunker fuel sales.

China’s bonded bunker fuel exports increase in April, but sales decline

China’s bonded bunker fuel exports continued to increase in April, but the actual sales decreased as bunkering demand was relatively weak and domestic refiners cut LSFO production.

The country exported 1.73 million mt of bonded bunker fuel in April, jumping by 321,100 mt or 22.74% month on month, with the daily exports significantly up by 26.83% to 57,777 mt, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

Heavy bunker fuel exports were about 1.64 million mt in the month, accounting for 94.41% of the total, while light bunker fuel exports were 96,900 mt, accounting for 5.59%.

However, the country’s bonded bunker fuel sales dropped in April, as domestic LSFO supply tightened when refineries’ unit maintenance peaked. Meanwhile, Chinese customs strengthened the supervision of bunker barges, dampening ports’ bunkering business to some extent. The country sold about 1.63 million mt of bonded bunker fuel in the month, with the daily sales down by 7.48% month on month to 54,270 mt, JLC’s data shows.

Bonded bunker fuel exports are not equal to bonded bunker fuel sales, as the exports refer to the volume of cargoes flowing into bonded tanks while the sales refer to the actual volume of bunkering.

On a year-on-year comparison, China’s bonded bunker fuel exports soared by 21.08% in April.

China exported a total of 6.17 million mt of bonded bunker fuel in January-April, slipping by 4.07% from the corresponding period in 2023. Specifically, heavy bunker fuel exports were roughly 5.80 million mt, accounting for 93.98%, while light bunker fuel exports were 371,400 mt, accounting for 6.02%.

JLC China Bunker Market Monthly Report (May 2024)

JLC China Bunker Market Monthly Report (May 2024)

Domestic-trade heavy bunker fuel demand contracts in May

Domestic-trade heavy bunker fuel demand contracted in May, as the shipping market remained lukewarm. Domestic-trade heavy bunker fuel demand was estimated at 390,000 mt in the month, falling by 30,000 mt or 7.14% from the previous month, JLC’s data shows.

In contrast, domestic-trade light bunker fuel demand came in at 140,000 mt in May, up by 10,000 mt or 7.69% month on month. Shipowners increased their purchases as power generation demand picked up amid warmer weather.

Bunker Fuel Supply

China’s bonded bunker fuel imports fall in April

China’s bonded bunker fuel imports fell in April, as most distributors showed lower buying interest in bonded high-sulfur fuel oil (HSFO) when their inventory was relatively high.

The country imported about 341,000 mt of bonded bunker fuel in the month, a cut of 11.04% month on month and 17.61% year on year, JLC estimated, with reference to data from the GACC.

As Chinese Customs strengthened the supervision of bunker barges, the barge capacity at ports in East China declined and most companies saw a drop in their bonded bunker fuel sales, leading to a build-up of HSFO. In this case, distributors reduced purchases of bonded HSFO in April, dragging down the country’s total bonded bunker fuel imports.

However, certain distributors imported LSFO to meet demand when domestic supply tightened amid a traditional maintenance season. Chinese refiners produced about 1.23 million mt of LSFO in the month, with the daily output at 41,033 mt, down by 8.81% month on month, JLC’s data shows.

Singapore topped all bonded bunker fuel suppliers to China with 204,100 mt in April, accounting for 59.84% of the total. Malaysia and South Korea ranked second and third by exporting 105,700 mt and 31,300 mt of bonded bunker fuel to China, which accounted for 31.99% and 9.17% respectively.

China tallied a total of 1.31 million mt of bonded bunker fuel imports in January-April, soaring by 24.83% from the corresponding months in 2023, slowing down from a 52.60% surge in January-March.

JLC China Bunker Market Monthly Report (May 2024)

Domestic-trade bunker fuel supply continues to tighten in May

Domestic-trade bunker fuel supply continued to tighten in May, as low-sulfur residual oil supply decreased further and blenders’ blending interest was depressed by tepid shipping demand.

Chinese blenders supplied about 410,000 mt of heavy bunker fuel in the month, descending by 20,000 mt or 4.65% from the previous month, JLC’s data shows.

At the same time, domestic-trade MGO supply settled at 150,000 mt, a loss of 10,000 mt or 6.25% from a month earlier, the data shows. Refineries’ enthusiasm for MGO production was hit by falling diesel prices.

Bunker Prices,Profits

JLC China Bunker Market Monthly Report (May 2024)JLC China Bunker Market Monthly Report (May 2024)
JLC China Bunker Market Monthly Report (May 2024)

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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 (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: 12 June 2024

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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