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JLC China Bunker Market Monthly Report (January 2021)

China’s bunker fuel sales dipped in January but firm transport demand and rising bunker fuel prices sparked buying interest and lent some support to sales, it said.

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Beijing-based commodity market information provider JLC Network Technology Co. on Tuesday (9 February) shared its JLC China Bunker monthly report for December with Manifold Times through an exclusive arrangement:

JLC China Bunker Market Monthly Report (January 2021)

Highlights

 Demand and Supply

Bunker Fuel Demand

Bonded bunker fuel sales slip in January

In January, China’s bonded bunker fuel sales dipped to 1.36 million mt, JLC data showed. Sales were still high, despite a mild drop. Firm transport demand and rising bonded bunker fuel prices sparked end-users’ buying interest and lent some support to sales of bonded bunker fuel oil. Chimbusco and Sinopec sold about 582,000 mt and 508,300 mt of bonded bunker fuel, respectively. Bonded bunker fuel sales were about 53,900 mt for SinoBunker and 31,700 mt for China ChangJiang Bunker (Sinopec). New enterprises in the China (Zhejiang) Pilot Free Trade Zone sold 180,600 mt.

China’s bonded bunker fuel sales jumped to 2.61 million mt in December, up by 94.36% month on month, according to GAC data. In December, bonded bunker fuel suppliers ramped up sales to meet annual sales targets. Besides, a large number of bonded bunker fuel oil produced by Sinopec refineries was loaded into bonded warehouses in the month. Specifically, bonded bunker fuel sales were 1.25 million mt for Sinopec, 1.02 million mt for Chimbusco, 85,000 mt for SinoBunker, 50,300 mt for China ChangJiang Bunker (Sinopec) and 205,000 mt for new enterprises in the China (Zhejiang) Pilot Free Trade Zone. China’s bonded bunker fuel sales in 2020 surged by 4.76 million mt or 39.79% year on year to 16.72 million mt, GAC data shows.

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Domestic bunker fuel demand grows in January

Domestic bunker fuel demand climbed in January. End users' consumption of domestic-trade heavy bunker fuel was about 370,000 mt in the month, up by 20,000 mt from the previous month. The demand for light bunker fuel was 130,000 mt in January, flat from December. Demand gained some support from rising international crude prices. As the Chinese New Year holiday was approaching, downstream users replenished stocks, but less than expected amid a better demand season. In addition, traders held caution as the virus resurged. Trades were limited despite increasing inquiries from end-users.

Bunker Fuel Supply

Bonded bunker fuel imports drop 2.85% in December

China’s bonded bunker fuel imports were 1.10 million mt in December, a drop of 2.85% month on month and a fall of 46% year on year, GAC data showed. Demand was still high in December. As domestic production fell behind demand, despite a rally in production, bonded bunker fuel distributors still had to import bunker fuel to meet demand.

Specifically, the largest import source for China was still Malaysia with 641,000 mt of bunker fuel. Imports from Singapore, South Korea and the UAE were 172,000 mt, 99,000 mt and 84,000 mt respectively. The imports were 68,000 mt and 34,000 mt respectively from Russia and Thailand.

China’s bonded bunker fuel imports were 12.24 million mt in 2020, a drop of 14.2% year on year, GAC data showed.

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Domestic blended bunker fuel supply stable in January

Chinese blending producers supplied a total of around 380,000 mt of heavy bunker fuel in January, flat from December, JLC data showed. In January, low-sulfur residue oil supply tightened. The supply in the northern region was affected by the resurging virus. Residue oil supply in East China reduced, leading to insufficient blendstock supply in the market. Blenders in South China relied on purchases from the northeastern region or Shandong. Most of them kept their inventories low and stabilized their supply. Light bunker fuel supply was about 140,000 mt, flat from December as refiners kept high operating rates amid increasing refining margins.

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Bunker Prices, Profits

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JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialised in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity markets. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertiliser 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 authorisation from JLC.

Related: JLC China Bunker Market Monthly Report (December, 2020)
Related: JLC China Bunker Market Monthly Report (November, 2020)
Related: JLC China Bunker Market Monthly Report (October, 2020)
Related: JLC China Bunker Market Monthly Report (September, 2020)
Related: JLC China Bunker Market Monthly Report (July, 2020)
Related: JLC China Bunker Market Monthly Report (June, 2020)
Related: JLC China Bunker Oil Market Monthly Report (May, 2020)


Photo credit: JLC Network Technology Co Ltd
Published: 10 February, 2021

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Business

MAN Energy Solutions opens largest service hub in Singapore

New facility able to meet demand for repairs, maintenance and training services for MAN Energy Solutions’ alternative-fuel engines, such as two-stroke methanol dual-fuel engines.

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MAN ES MPA

Singapore on Friday (1 March) welcomed the opening of MAN Energy Solutions’ new mixed purpose facility today that will expand their local business activities.

MAN Energy Solutions is one of the global engine makers of alternative-fuel engines, and is driving the maritime energy transition by enabling the use of cleaner fuels in ships around the world.

Located in Tuas, MAN Energy Solutions' EUR 20 mil (SGD30 mil) investment will include a new MAN PrimeServ training academy for customers and employees, a logistics centre to serve as the warehouse for Asia, and a PrimeServ workshop to provide maintenance and repair services, including for MAN Energy Solutions’ alternative-fuel engines.

The new facility will serve as the largest service hub for MAN Energy Solutions’ activities and engagements outside of Europe, and will allow shipowners and ship managers to gain round-the-clock access to technical services for MAN Energy Solutions products such as repairs and maintenance of their alternative-fuel two-stroke engines, reduce turnaround times for ships due to quicker access to spare parts, and providing training for seafarers on the safe operation, maintenance, and troubleshooting of all MAN Energy Solutions equipment.

The new facility would also be timely to cater to the demand for repairs, maintenance and training services for MAN Energy Solutions’ alternative-fuel engines, such as the two-stroke methanol dual-fuel engines that are already available and for the two-stroke ammonia dual-fuel engines that are currently in development.

The mixed-purpose facility was launched by Dr Amy Khor, Senior Minister of State, Ministry of Transport and Ministry of Sustainability and the Environment.

SMS Khor said: “MAN Energy Solutions has been a long-time partner for Maritime Singapore since its establishment here in 1977. I am heartened that MAN Energy Solutions has placed a strong vote of confidence in Singapore by setting up its second hub outside of Europe here, setting the stage for collaboration in maritime decarbonisation, digitalisation, and talent development.”

“The expansion of MAN Energy Solutions’ workshop and warehouse activities will provide much needed capacity to support the maintenance of ocean-going vessels that adopt engines fuelled by new marine fuels.”

“MAN Energy Solutions' expanded training academy will also support Singapore's drive to upskill and reskill of our workforce, to build confidence for maritime workers to safely handle new marine fuels. I look forward to many more years of meaningful collaboration, especially in these emerging areas.”

Dr Uwe Lauber, CEO MAN Energy Solutions, said, “With over 9,000 square metres of floor space, Singapore is our largest hub outside of Europe in what is one of the most important maritime centres globally. We intend for this mixed-purpose facility to advance the maritime energy transition locally through education, logistics, and a comprehensive after-sales portfolio. Ultimately, we are ‘moving big things to zero’ and leading our customers towards a multi-fuel, decarbonised future.”

Mr Teo Eng Dih, Chief Executive Officer of the Maritime and Port Authority of Singapore, said, “As the world’s largest bunkering port and major transhipment hub, Singapore is committed to the maritime digitalisation and the green transition. We have been long-time partners with MAN Energy Solutions and have been working closely together in various methanol and ammonia shipping consortiums and also in skills development.”

“MAN Energy Solutions’ new maintenance and training facility here will add deep expertise and experience to the growing and vibrant new fuels ecosystem here and also upskilling of our maritime workforce, especially in the area of new methanol and ammonia engines.”

Nicolas Brabeck, Managing Director, MAN Energy Solutions, Singapore, said: “This new facility represents one of the biggest investments that we have made outside of our product centres within recent years. It forms a key part of our company’s Triple 10+ business strategy that aims for growth through green technologies. In this context, we intend to equip our personnel with the right skillsets to handle the new technologies coming online and drive our business forward. We therefore expect to significantly increase staff numbers on-site to some 400 people by 2027, and look forward to cultivating great relationships with our customers and the various, Singaporean authorities.”

MAN Energy Solutions’ Singapore office is its largest service hub outside Europe, and currently employs 250 staff.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 March 2024

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Business

Singapore Maritime Officers’ Union launches upgraded Wavelink Maritime Simulation Centre

Centre includes new dual-fuel engine simulators, offering realistic training scenarios to prepare seafarers for the evolving maritime landscape and the shift to cleaner bunker fuels.

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Wavelink MPA

Singapore Maritime Officers'​ Union launched the newly upgraded Wavelink Maritime Simulation Centre (WMSC), according to Maritime and Port Authority of Singapore (MPA) on Thursday (29 February).

The SGD 2.75 million facility includes new dual-fuel engine simulators, offering realistic training scenarios to prepare seafarers for the evolving maritime landscape and the shift to cleaner fuels, in line with industry sustainability goals.

The WMSC was unveiled by Minister Grace Fu, Minister for Sustainability and the Environment at SMOU’s seminar titled Advancing Maritime Resilience: No One is Left Behind.

The seminar, focusing on transition and training, aimed to reinforce shared responsibility, empower the maritime workforce through training, and champion sustainability without disadvantaging stakeholders in achieving #netzero emissions by 2050.

MPA's Assistant Chief Executive (Corporate & Strategy) Hoe Soon Tan participated in a panel discussion on "Prioritising a 'Just Transition", addressing strategies to bridge skill gaps and ensure a smooth and equitable transition for all seafarers.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 March 2024

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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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