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JLC China Bunker Fuel Market Monthly Report (November 2024)

China’s bonded bunker fuel sales rebounded in November, as bunker suppliers received more imported cargoes, also as a result of some ports’ and companies’ attempts to boost sales.

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JLC China Bunker Fuel Market Monthly Report (November 2024)

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

China’s bonded bunker fuel sales rebound in November

China’s bonded bunker fuel sales rebounded in November, as bunker suppliers received more imported cargoes, also as a result of some ports’ and companies’ attempts to boost sales.

The country sold about 1.52 million mt of bonded bunker fuel in the month, with daily sales at 50,647 mt, up by 8.03% from a month earlier, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 320,000 mt, 570,000 mt, 62,000 mt and 15,000 mt in the month, while those by suppliers with regional bunkering licenses came in at 552,400 mt.

Overall bunkering demand was relatively fair in November, and bunker suppliers saw more inflows of imported low-sulfur fuel oil (LSFO). Meanwhile, some Chinese ports and bonded distributors made efforts to boost their sales to achieve their sales targets by the end of this year. However, there were also some companies cutting sales as they had completed their sales targets.

China’s bonded bunker fuel exports drop to 8-month low in October

China’s bonded bunker fuel exports plunged significantly in October, hitting an eight-month low, because of tight LSFO supply, while bonded bunker fuel imports surge to a 35-month high.

The country exported roughly 1.28 million mt of bonded bunker fuel in the month, the lowest level since February 2024, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC). The daily exports stood at 41,374 mt in October, down by 43.16% month on month and 11.99% year on year.

Among the cargoes, heavy bunker fuel exports settled at 1.20 million mt, accounting for 93.76% of the country’s total exports, while light bunker fuel exports came in at 80,000 mt, making up 6.24%.

Chinese refiners slashed their LSFO production as their export quotas tightened, coupled with the lingering impact from bad weather at certain ports, dragging down China’s bonded bunker fuel exports. 

Refiners produced only 787,700 mt of LSFO in October, with the daily output at 25,410 mt, a loss of 23.23% month on month and 22.39% year on year, JLC’s data shows.

China’s bonded bunker fuel exports totaled 16.37 million mt in January-October, with the daily exports at 53,685 mt, a slip of 1.96% from the corresponding months in 2023, the data shows. In breakdown, heavy bunker fuel exports stood at 15.28 million mt, accounting for 93.32%, while light bunker fuel exports amounted to 1.09 million mt, accounting for 6.68%.

JLC China Bunker Fuel Market Monthly Report (November 2024)

JLC China Bunker Fuel Market Monthly Report (November 2024)

Domestic-trade bunker fuel demand rallies in November

Domestic-trade bunker fuel demand rallied in November, as trade became more active amid increasing supply of consumption-tax-included resources.

Domestic-trade heavy bunker fuel demand settled at 380,000 mt in the month, a gain of 20,000 mt or 5.56% from the prior month, JLC’s data shows.

Regarding the consumption by region, the Bohai Rim still took a major share on the strength of competitive prices, while the turnover of other regions was limited.

At the same time, domestic-trade light bunker fuel demand jumped to 150,000 mt, up by 20,000 mt or 15.38% month on month. Participants were slightly bullish on light bunker fuel prices when transportation demand in inland rivers became seasonally strong and diesel demand from infrastructure construction increased.

Bunker Fuel Supply

China’s bonded bunker fuel imports surge again in October

Chinese companies boosted their bonded bunker fuel imports to 675,400 mt in October, a surge of 19.18% from the previous month and 66.93% from a year earlier. The imports reached the highest level since November 2021.

Bonded suppliers continued to boost their imports to meet demand when domestic supply tightened further. These distributors placed orders for a large amount of imported LSFO in late August and September, and some of the cargoes arrived in October, which also pushed up October’s LSFO arrivals. High-sulfur fuel oil (HSFO) imports climbed in October, while marine gas oil (MGO) imports held largely stable.

Regarding the imports by supplier, Malaysia remained the largest supplier with 271,300 mt, accounting for 40.17% of China’s total imports. Meanwhile, Singapore climbed to the second place with 265,800 mt, occupying 39.36%, followed by Russia with 56,900 mt, accounting for 8.42%. South Korea and Japan came in third and fourth with 42,900 mt and 38,500 mt, making up 6.35% and 5.69%, respectively.

In the first ten months, China imported about 4.03 million mt of bonded bunker fuel, soaring by 22.61% year on year, speeding up from an upsurge of 16.39% in January-September.

JLC China Bunker Fuel Market Monthly Report (November 2024)

Domestic-trade bunker fuel supply rises in November

Domestic-trade bunker fuel supply rose in November, because of more supply of blendstock.

Chinese blenders supplied about 400,000 mt of heavy bunker fuel in the month, a boost of 30,000 mt or 8.11% from the previous month, JLC’s data shows. More supply of low-sulfur residual oil and shale oil prompted blenders to ramp up their production.

Meanwhile, domestic-trade MGO supply leaped to 180,000 mt, up by 20,000 mt or 12.5% month on month. Refineries maintained high operating rates, coupled with rising diesel prices and relatively good diesel demand, leading to a surge in MGO supply.

JLC China Bunker Fuel Market Monthly Report (November 2024)

Bunker Prices, Profits

JLC China Bunker Fuel Market Monthly Report (November 2024)

JLC China Bunker Fuel Market Monthly Report (November 2024)

JLC China Bunker Fuel Market Monthly Report (November 2024)

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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.

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 (October 2024)
Related: JLC China Bunker Fuel Market Monthly Report (September 2024)
Related: JLC China Bunker Fuel Market Monthly Report (August 2024)
Related: JLC China Bunker Fuel Market Monthly Report (July 2024)
Related: JLC China Bunker Fuel Market Monthly Report (June 2024)
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: 12 December, 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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