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JLC China Bunker Market Monthly Report (February 2023)

China’s bonded bunker fuel sales continued to drop in February as shipping demand slackened; sold about 1.46 million mt in the month, JLC’s data indicates.

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

Bunker Fuel Demand

China’s bonded bunker fuel sales continue to drop in February

China’s bonded bunker fuel sales continued to drop in February, as shipping demand slackened amid flabby economy. The country sold about 1.46 million mt of bonded bunker fuel in the month, dipping by 34,000 mt or 2.28%month on month, JLC’s data indicates. In detail, the sales by both Chimbusco and Sinopec Zhoushan slid to 550,000 mt, down from 560,000 mt and 580,000 mt respectively. By contrast, the sales by SinoBunker and China ChangJiang Bunker (Sinopec) rose to 60,000 mt and 40,000 mt, up from 50,000 mt and 35,000 mt respectively. Meanwhile, suppliers with regional licenses sold roughly 260,000 mt, down from 269,000 mt in the previous month.

Bearish sentiment in China’s bonded bunker fuel market persisted and foreign shipowners still held await-and-see attitude. Meanwhile, bunker fuel supply in South China descended, which also contributed to the drop in sales. Still, China boosted its low-sulfur fuel oil (LSFO) production in the month, capping the drop in sales to some degree.

China cuts its bonded bunker fuel exports in Dec

China exported 1.20 million mt of bonded bunker fuel in the last month of 2022, a decline of 7.21%month on month and 13.42% year on year, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

Among these, heavy bunker fuel exports were 1.13 million mt, accounting for 94.19%, while MGO exports were 69,800 mt, making up 5.81%. The exports by suppliers with national licenses were 910,300 mt, accounting for 75.78% of the total exports, with Sinopec Fuel Oil, Chimbusco, SinoBunker and China ChangJiang Bunker (Sinopec) taking 404,000 mt, 444,900 mt, 49,800 mt and 11,600 mt respectively. At the same time, companies with regional licenses exported about 291,000 mt, making up 24.22%.

Chinese refiners cut their bonded bunker fuel exports, as demand in the shipping market remained weak when the negative impact of the epidemic lingered. Meanwhile, most refineries cut their LSFO production when they found fewer margins amid a fall in China’s bonded bunker fuel prices.

Given an outlook of recovering demand, China is expected to expand its bonded bunker fuel exports in 2023. Also, the country is likely to hike its LSFO production this year, making efforts to expand its bonded bunker fuel market. (Note: There is no update on export and import data for January, as the General Administration of Customs of the PRC is expected to combine January and February data instead of providing data for a single month. The combined data for January-February are expected to be released in late March, and JLC will update the data in the March version report.)

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Domestic bunker fuel demand recovers in February

Domestic-trade bunker fuel demand recovered in February, but the recovery was slower than expected due to relatively tepid shipping demand. Some shipowners showed low buying interest, as bunker fuel prices in East and South China were relatively high amid tightening supply.

Domestic demand for heavy bunker fuel gained 30,000 mt or 8.82% to 340,000 mt in February, and that for light bunker fuel jumped by 20,000 mt or 18.18% to 130,000 mt.

Bunker Fuel Supply

China’s bonded bunker fuel imports plunge in Dec 2022

China’s bonded bunker fuel imports plunged on month in December 2022, due to a decrease in Chinese buyers’ import interest coupled with a relatively high base in the previous month.

China tallied 414,300 mt of bonded bunker fuel imports in the month, tumbling by 34.24% month on month, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

Malaysia still led all suppliers in December, exporting 288,400 mt of bonded bunker fuel to China, accountingfor 70% of China’s total imports. Meanwhile, South Korea and Singapore ranked second and third with80,690 mt and 39,000 mt, occupying 21% and 9% respectively.

Domestic buyers sharply reduced their bonded bunker fuel imports, amid relatively steep international bunker fuel prices and high freight rates. Prices of China’s bonded bunker fuel with the maximum sulfur content at 0.5% averaged $605/mt in the month, a drop of 11.68% from a month earlier, more significant than a fall of 9.20% in Singapore’s prices. Domestic bunker fuel prices were still relatively competitive than imported ones.

Also underlying the plunge in the imports was a relatively high level in November. Chinese buyers had hiked their bonded bunker fuel imports to a 12-month high in November, and they lacked enthusiasm to further expand imports in December, with the year-end drawing near.

On a year-on-year comparison, however, the imports gained 2.02% in December.

The country imported an accumulation of 5.11 million mt of bonded bunker fuel in 2022, plummeting by 38.88% year on year, accelerating from a slump of 30.91% in 2021. The plunge was mainly due to booming domestic LSFO production. China produced about 15.90 million mt of LSFO last year, soaring 41.90%year on year, JLC’s data indicates. (Note: There is no update on export and import data for January, as theGeneral Administration of Customs of the PRC is expected to combine January and February data instead of providing data for a single month. The combined data for January-February are expected to be released in late March, and JLC will update the data in the March version report.) 

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Domestic bunker fuel supply increases in February

Domestic bunker fuel supply increased in February, as more ships came back online after the Chinese New Year holiday. Chinese blenders supplied about 360,000 mt of heavy bunker fuel in February, growing by 40,000 mt or 12.5% from a month earlier. Meanwhile, the supply of marine gas oil (MGO) settled at 145,000mt, a rise of 5,000 mt or 3.57%, JLC’s data shows.

Most of the blend stocks such as residual oil, light coal tar and coal-based diesel were delivered to North China, resulting in abundant bunker fuel supply and relatively high inventories in the region. However, the supply of blend stocks and bunker fuel was tight in South China, putting a cap on the increase in domestic-trade bunker fuel supply.

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Bunker Prices, Profits

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Yvette Luo
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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 (January 2023)
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Related: JLC China Bunker Market Monthly Report (January 2022)

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: 16 May, 2023

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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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