Business

JLC China Bunker Market Monthly Report (April 2023)

Country sold about 1.50 million mt of bonded bunker fuel in the month, down by 86,300 mt or 5.43% from March, JLC’s data shows; fall in sales mainly due to decline in domestic supply.

Published

3 years ago

May 17, 2023

Admin

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

Bunker Fuel Demand

China’s bonded bunker fuel sales fall in April

China’s bonded bunker fuel sales fell in April, mainly due to a decline in domestic supply. The country sold about 1.50 million mt of bonded bunker fuel in the month, down by 86,300 mt or 5.43% from March, JLC’s data shows.

Specifically, the sales by Chimbusco and China ChangJiang Bunker (Sinopec) decreased to 520,000 mt and36,000 mt, down from 610,000 mt and 40,000 mt in the previous month respectively, while those by Sinopec Zhoushan increased to 550,000 mt, up from 530,000 mt. At the same time, SinoBunker sold 70,000 mt of bonded bunker fuel, stable month on month. Suppliers with regional bunkering licenses sold 327,700 mt, versus 340,000 mt in March.

Chinese refiners slashed their low-sulfur fuel oil (LSFO) output and maintained relatively low bonded bunker fuel imports in the month, leading to an intermittent disruption of bonded bunker fuel supply at certain domestic ports. However, some refiners raised high-sulfur fuel oil (HSFO) production when low-sulfur blendstocks were in short supply, which gave a boost to HSFO sales.

China’s bonded bunker fuel exports hit 14-month high in Mar

China’s bonded bunker fuel exports jumped to a 14-month high in March 2023 as domestic demand was still slow to recover, also because of relatively good export margins.

The country tallied about 2.07 million mt of bonded bunker fuel exports in the month, a sharp surge of 38.18% year on year, reversing a yearly plunge of 23.64% in January-February, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

On a month-on-month comparison, the exports grew by 28.23%.

Among these exports were 1.95 million mt of heavy bunker fuel and 114,000 mt of light bunker fuel, which accounted for 94.49% and 5.51% of the total.

Suppliers with national and regional bunkering licenses exported roughly 1.73 million mt and 340,000 mt of bonded bunker fuel, making up 83.56% and 16.44% respectively.

Though domestic bunker fuel demand was still relatively soft, certain refiners ramped up their LSFO production year on year in March, motivated by abundant export quotas and higher output targets. China produced about 1.34 million mt of LSFO in the month, a rise of 5.27% from a year earlier, JLC’s data shows.

In the first quarter of this year, the country exported approximately 5.00 million mt of bonded bunker fuel, a decline of 6.31% from the same quarter of 2022. Specifically, heavy bunker fuel exports totaled 4.75 million mt in the three months, accounting for 94.89%, and marine gas oil (MGO) exports amounted to 255,500 mt, occupying 5.11%.

Regarding the exports by supplier, enterprises with national licenses exported 4.13 million mt in the quarter, taking 82.67% and those with regional ones exported 866,600 mt, accounting for 17.33%. Sinopec Fuel Oil and Chimbusco were still the main suppliers in this period.

Domestic heavy bunker fuel demand contracts in April

Domestic-trade heavy bunker fuel demand contracted in April, as buyers expected bunker fuel prices to slipfurther amid a surplus of available ships. Domestic-trade heavy bunker fuel demand shrank to 330,000 mt in the month, down by 30,000 mt or 8.33%month on month.Although traders cut their bunker fuel prices to boost sales, downstream buyers still showedlow buying interest.

In contrast, domestic-trade light bunker fuel demand rose to about 140,000 mt, up by 5,000 mt or 3.70% from the previous month. Domestic-trade light bunker fuel consumption increased when marine gas oil prices remained on a downswing, but the increase was limited by bearish sentiment.

Bunker Fuel Supply

China records another low in bonded bunker fuel imports in Mar

China saw another record low in its bonded bunker fuel imports in March, as domestic bunkering demand stayed relatively soft and import costs were exorbitant. The country imported 175,600 mt of bonded bunker fuel in the month, a significant cutback of 26.62% month on month and 55.41% year on year, JLC estimated, with reference to data from the GeneralAdministration of Customs of PRC (GACC).

South Korea leaped to the top among all suppliers by exporting 109,600 mt of bonded bunker fuel to China, which accounted for about 62.44% of the latter’s total. Singapore came second with 61,900 mt, accounting for 35.23%, followed by Malaysia with 4,100 mt, making up 2.33%.

Chinese distributors still prioritized domestic low-sulfur bonded bunker resources when domestic bunker fuel prices were more competitive than imported ones. Meanwhile, excessive import costs continued to put pressure on importers, as freight rates for imported shipments remained high.

China’s bonded bunker fuel imports amounted to 632,500 mt in January-March, halving from 1.27 million mt in the same period of time in 2022, JLC estimated, based on data from GACC.

Buyers slashed their bonded bunker fuel imports in the first quarter of this year, because of tepid domestic demand and an increase in domestic low-sulfur fuel oil (LSFO) production. China produced roughly 3.80million mt of LSFO in the three months, up from 3.56 million mt in the same quarter of 2022, JLC’s data shows.

Domestic heavy bunker fuel supply tightens in April

Domestic-trade heavy bunker fuel supply tightened in April, as blenders cut production slightly when blend stocks were overpriced and end demand stayed relatively weak. Chinese blenders supplied about 350,000 mt of heavy bunker fuel in April, a cutback of 25,000 mt or 6.67% month on month, JLC’s data shows.

On the contrary, blenders supplied about 150,000 mt of marine gas oil (MGO) in the month, an increase of 10,000 mt or 7.14% from March, the data indicates.

Bunker Prices, Profits

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.

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: 18 May, 2023

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

17 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026