Business

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.

Published

3 years ago

May 16, 2023

Admin

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.)

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.)

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.

Bunker Prices, Profits

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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: 16 May, 2023

Mass Flowmeter

Hong Kong backs MFM adoption with voluntary scheme to boost bunkering competitiveness

Hong Kong’s Marine Department launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems on their bunker vessels.

Published

14 hours ago

June 4, 2026

Admin

Hong Kong’s Marine Department (MD) on Wednesday (3 June) launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements.

Details of the bunker vessels successfully included in the List will be published on a dedicated page on the MD’s website for reference by shipping companies and relevant stakeholders.

Participation in the Scheme is voluntary. In addition to receiving recognition from the MD, participating bunker operators will benefit from enhanced corporate image and competitiveness through the adoption of MFM systems, thereby boosting customers’ confidence and helping to create new business opportunities.

A spokesman for the MD, said: “As an international maritime centre supported by our country, Hong Kong has a strategic location adjacent to major international fairways. Coupled with years of development in marine fuel bunkering, Hong Kong possesses rich experience and talent in the field. For many years, Hong Kong has consistently ranked as the seventh-largest bunkering port globally, the second-largest in our country, and the largest in the Greater Bay Area, providing reliable and competitive fuel bunkering services to ocean-going vessels from around the world.

“As the international shipping industry has an increasing demand for accuracy and transparency in bunkering services, service quality and measurement precision in bunkering operations have become important indicators of a bunkering port’s competitiveness. The Scheme will enhance bunkering accuracy and transparency, further enhancing the quality of Hong Kong’s bunkering services.

The spokesman added that comprehensive port services are one of Hong Kong’s key advantages as an international maritime centre.

“We will also mandate the use of MFM systems on all methanol bunker vessels this year to ensure that Hong Kong continues to provide high-quality bunkering services in the era of green maritime fuels.”

Note: The application form for the Scheme can be found on the MD’s website. Interested bunker operators can download the application form from the website or contact the MD’s Green Maritime Fuel Team via email ([email protected]) for details.

Photo credit: Manifold Times
Published: 4 June, 2026

Alternative Fuels

MPA and MSC ink MoU to support adoption of alternative bunker fuels

MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency.

Published

14 hours ago

June 4, 2026

Admin

MPA and MSC ink MoU to support adoption of alternative bunker fuels

The Maritime and Port Authority of Singapore (MPA) on Wednesday (3 June) said it signed a Memorandum of Understanding (MoU) with MSC Mediterranean Shipping Company to strengthen collaboration in maritime decarbonisation, digitalisation, innovation, and manpower development.

The MoU was signed on 25 May 2026 by Mr Ang Wee Keong, Chief Executive of MPA, and Mr Soren Toft, Chief Executive Officer of MSC.

The MoU underscores the shared commitment of MPA and MSC to foster a sustainable, digital, and future-ready maritime sector, while enhancing MSC’s operational and business activities in Singapore. This year also marks the 30th anniversary of MSC establishing its Asia Regional Office and local office in Singapore.

Under the MoU, MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency and operational performance.

MPA and MSC will also collaborate on maritime digitalisation initiatives to improve operational efficiency, including streamlining vessel arrivals and port operations.

On manpower development, MSC will support internship and scholarship opportunities through Singapore Maritime Foundation’s Maritime Outreach Network (MaritimeONE) platform, an industry-led tripartite partnership comprising industry, government and institutes of higher learning that aims to raise awareness of the maritime industry and attract quality talent into the maritime sector.

Mr Ang Wee Keong, Chief Executive of MPA, said: “This partnership reflects the strong collaboration between MPA and MSC in driving sustainability and digitalisation in the maritime sector. By working together on decarbonisation, operational efficiency and talent development, we aim to strengthen Maritime Singapore’s position as a trusted and future-ready global maritime hub.”

Mr Soren Toft, Chief Executive Officer of MSC, said: “Singapore is a strategically important hub for MSC and a key gateway to the broader Asia region. As we mark 30 years in Singapore, this MOU reinforces our long-term commitment to strengthening our presence here. MSC and Singapore are closely aligned on the priorities shaping the future of global shipping, and we look forward to deepening this partnership to drive the continued growth and resilience of the maritime industry.”

Photo credit: Maritime and Port Authority of Singapore
Published: 4 June, 2026

Emissions reporting

StormGeo and OceanScore link emissions data, compliance workflows

Cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and UK ETS requirements.

Published

14 hours ago

June 4, 2026

Admin

StormGeo and OceanScore link emissions data, compliance workflows

Weather intelligence and decision support solutions provider StormGeo and Hamburg-based technology platform OceanScore on Wednesday (3 June) said they have deepened their ongoing cooperation through the signing of a collaboration agreement during Posidonia 2026 in Athens on 2 June.

The cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and upcoming UK ETS requirements.

Together, the companies aim to help shipping companies seamlessly navigate increasing regulatory complexity more efficiently — from emissions reporting and data validation to compliance exposure management, pooling and financial settlement.

As emissions regulation becomes an increasingly important part of commercial shipping operations, the need for reliable operational data and streamlined compliance processes continues to grow. The cooperation between StormGeo and OceanScore is designed to support shipping companies with more connected, transparent and actionable processes across operational and commercial teams.

“From the outside, companies like StormGeo and OceanScore may sometimes be perceived as competitors because both operate around emissions and compliance workflows,” said Albrecht Grell, Managing Director at OceanScore.

“But in reality, the industry increasingly needs both perspectives working together: trusted operational emissions data on one side and commercial compliance execution on the other. Our cooperation reflects that shipping companies are no longer looking for isolated solutions — they need connected processes, automated across different systems and reliable decision-making throughout the full compliance chain.”

By connecting validated operational emissions data with commercial compliance management, the cooperation supports workflows across:

emissions reporting and validation
compliance management across EU ETS, FuelEU Maritime and upcoming UK ETS requirements
exposure visibility and cost transparency
pooling, settlement and financial processes

The cooperation also aims to improve commercial transparency and coordination across operational and commercial stakeholders.

“StormGeo plays a central role in helping shipping companies turn operational vessel and emissions data into trusted, decision-ready insights,” said Espen Martinsen, Chief Commercial Officer at StormGeo.

“As emissions regulations become more complex, this data is essential for transparent and efficient compliance management. By working with OceanScore, we can help customers connect StormGeo’s validated operational data with commercial compliance processes, creating a more integrated and practical approach to emissions management.”

The signing ceremony took place at the StormGeo booth during Posidonia 2026 in Athens and was attended by representatives from both companies.

Both companies expect the cooperation to continue evolving alongside upcoming regulatory developments, including FuelEU Maritime, EU ETS, the upcoming UK ETS and future emissions-related frameworks affecting global shipping.

Photo credit: StormGeo
Published: 4 June, 2026