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JLC China Bunker Market Monthly Report (July 2022)

China’s bonded bunker fuel sales rebounded in July when domestic supply tightness eased and more bonded bunker suppliers launched business, JLC data showed.

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Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for July 2022 with Manifold Times through an exclusive arrangement:

Bunker Fuel Demand

Bonded bunker fuel sales rebound in July

China’s bonded bunker fuel sales rebounded in July when domestic supply tightness eased and more bonded bunker suppliers launched business.

The country’s bonded bunker fuel sales settled at around 1.68 mln mt in the month, a rally of 8.38% from June, JLC’s data shows.

Domestic supply increased as Chinese refineries’ production of LSFO surged in July. In addition, China National Offshore Oil Corporation (CNOOC) Sales (Shenzhen) Co., Ltd. started to supply bonded bunker fuel oil in July.

Chimbusco and Sinopec Zhoushan sold about 620,000 mt and 680,000 mt of bonded bunker fuel in July, JLC’s data indicates. Bonded bunker fuel sales for SinoBunker and China ChangJiang Bunker (Sinopec) were about 90,000 mt and 40,000 mt, respectively. Around 250,000 mt of of sales were made by suppliers who held local licenses, with PetroChina accounting for roughly 79,000 mt.

China’s bonded bunker fuel exports moved higher in June as the country further raised its LSFO production. The country exported about 1.51 million mt of bonded bunker fuel in June 2022, rising 2.37% from a month earlier, according to data from the General Administration of Customs of PRC (GACC).

Among these exports were roughly 1.41 million mt of heavy bunker fuel and 103,800 mt of light marine gas oil (MGO), accounting for 93.14% and 6.86% respectively.

Bonded bunker fuel exports by state-owned enterprises amounted to approximately 1.32 million mt in the month, accounting for 86.95%, while those by independent enterprises were 197,400 mt, accounting for 13.05%, the data indicates.

On a year-on-year comparison, the bonded bunker fuel exports fell by 14.10%, GACC data indicates.

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Domestic bunker fuel demand grows moderately in July

Domestic bunker fuel demand grew modestly in July when high temperatures at coastal regions caused more power consumption and fuel shipment.

The demand for domestic-trade heavy bunker fuel was around 400,000 mt in the month, growing by 80,000 mt or 25% month on month. Meanwhile, demand for light bunker fuel stabilized at roughly 150,000 mt, depressed by high prices.

Bunker Fuel Supply

Bonded bunker fuel imports hit 7-month high

China’s bonded bunker fuel imports leaped sharply and hit a 7-month high in June as domestic supply remained tight and Chinese suppliers’ stockpile was still low despite an increase in LSFO production.

China imported about 517,400 mt of bonded bunker fuel in June 2022, jumping 46.07% month on month, according to the data from the General Administration of Customs of PRC (GACC).

Though China ramped up its LSFO production in the month, the aggregate supply stayed relatively tight and failed to meet domestic demand. Most traders maintained low inventories amid insufficient supply and relatively abundant demand. Additionally, certain dealers who were optimistic about LSFO prices boosted their procurement of imported low-sulfur resources in the month with an expectation of rising bunker fuel prices in the short term.

In terms of the supplier, Malaysia overtook the UAE and ranked in the top position by exporting 277,800 mt of bonded bunker fuel to China, taking up 54% of China’s total bonded bunker fuel imports. The UAE slipped to second place with 180,600 mt, accounting for 35%. The followings were South Korea and Russia, with 41,000 mt from South Korea and 18,000 mt from Russia, accounting for 8% and 3% respectively. There was no imported bonded bunker fuel from Singapore during the month as the country’s LSFO supply continued to tighten and the supply of high-sulfur bunker fuel oil was affected by the contamination issue.

Despite a monthly surge in June, however, the bonded bunker fuel imports saw a drawdown from a year earlier, mainly as a result of softer demand amid the epidemic outbreaks. On a year-on-year comparison, the bonded bunker fuel imports dropped 16.28% in the month, GACC data indicates.

China tallied an accumulation of 2.45 million mt of imported bonded bunker fuel in the first half of this year, shrinking by more than a half from the first six months of 2021, GACC data also shows.

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Domestic blended bunker fuel supply extends gains in July

Chinese blenders supplied around 450,000 mt of heavy bunker fuel in total in July 2022, a rise of 70,000 mt or 18.4% from the previous month, JLC’s data shows.

In detail, the supply of low-sulfur asphalt, an important blendstock for heavy bunker fuel, increased in July when refineries’ operating rates climbed. Meanwhile, demand for coal-based diesel grew because of lower prices, and the supply of and demand for shale oil and light coal tar were largely balanced.

In contrast to the rise in heavy bunker fuel supply, the domestic marine gas oil (MGO) supply slipped to around 160,000 mt in the month, down by 10,000 mt or 5.88% from June.

Despite lower feedstock cost, blending margins were still low in July and blenders based their blending on rigid demand.

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Bunker Prices, Profits

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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.

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 (June 2022)
Related: JLC China Bunker Market Monthly Report (May 2022)
Related: JLC China Bunker Market Monthly Report (April 2022)
Related: JLC China Bunker Market Monthly Report (March 2022)
Related: JLC China Bunker Market Monthly Report (February 2022)
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: 25 August, 2022

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Emissions reporting

ZeroNorth and Veracity by DNV launch end-to-end emissions reporting, verification service

New offering combines ZeroNorth’s Vessel Reporting and Emissions Analytics platform with Veracity platform and DNV’s Emissions Connect verification services to deliver an end-to-end compliance solution.

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ZeroNorth and Veracity by DNV launch end-to-end emissions reporting, verification service

Maritime technology solutions provider ZeroNorth on Friday (16 May) said it has partnered with Veracity by DNV to launch a fully integrated emissions reporting and verification service for the maritime industry. 

Teekay is the first customer that will be implementing the service across its fleet, following successful testing and development.

As regulatory requirements tighten, ZeroNorth said maritime operators face growing demands for emissions transparency and reporting integrity. At the same time, poor data quality remains an industry-wide challenge. 

“The new offering combines ZeroNorth’s Vessel Reporting and Emissions Analytics platform with the Veracity platform and DNV’s Emissions Connect verification services to deliver an end-to-end compliance solution,” the company said in a statement. 

“The offering simplifies compliance by integrating automated data reporting with expert validation, reducing administrative burdens and improving data reliability.”

A key differentiator is the multi-layered data quality feedback loop, which ensures emissions data undergoes rigorous validation at multiple stages. Verification warnings from Veracity by DNV are automatically flagged to ZeroNorth’s data quality team, which then works directly with vessel crews to resolve discrepancies before final submission to authorities. 

This reduces compliance risks and enhances regulatory confidence while supporting continuous monitoring of EU MRV, IMO DCS, CII ratings, EU ETS and FuelEU Maritime compliance.

Teekay, a long-standing customer of ZeroNorth, participated in early testing of the solution and providing operational feedback. Since its successful implementation with Teekay, the service has been rolled out to two additional customers, and further deployments are underway.

Anders Schulze, Chief Operations Officer at ZeroNorth, said: “The maritime industry faces growing pressure to ensure emissions data is not just reported, but verified to the highest standards. Yet fragmented systems and manual processes continue to undermine data quality and increase compliance risk. 

“By combining ZeroNorth’s data and analytics capabilities with Veracity by DNV’s verification expertise, we are directly addressing this challenge. Our goal is to build trust in emissions data and reduce complexity for shipowners and charterers. We’re especially pleased that Teekay, a long-time partner, played a central role in shaping and validating the service.”

Mikkel Skou, Managing Director at Veracity by DNV, said: “At Veracity by DNV, the value of our ecosystem is built on strong partnerships, exemplified by our collaboration with ZeroNorth.

“By integrating trusted data and solutions like ZeroNorth’s Vessel Reporting and Emissions Analytics platform, we create a robust network that supports collaboration and drives sustainable growth in the maritime industry. 

“We look forward to continuing working towards our ambition to deliver trust and connectivity to the industry through this partnership with ZeroNorth.”

Mikkel Seidelin, Chief Commercial Officer at Teekay, said: “Partnering with ZeroNorth improves our ability to navigate complexities seamlessly, leveraging on data and technology to optimise our performance and reduce inefficiencies.

“When we are equipped with verified, end-to-end data, it empowers us as owners towards seamless decision-making, resulting in real sustainable and operational target-achievements.”

 

Photo credit: ZeroNorth
Published: 16 May, 2025

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LNG Bunkering

Singapore: FueLNG achieves 400th LNG bunkering operation milestone

Bunker tanker “FueLNG Bellina” successfully delivered LNG bunker fuel to “BYD Shenzhen”, the world’s largest LNG-fuelled car carrier at Singapore anchorage during its maiden voyage.

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Singapore: FueLNG achieves 400th LNG bunkering operation milestone

Singapore’s licensed LNG bunker supplier FueLNG on Thursday (15 May) announced the successful completion of its 400th LNG ship-to-ship (STS) bunkering operation in the republic.

FueLNG, a joint venture between Keppel Offshore & Marine and Shell Eastern Petroleum Pte Ltd, marked the milestone with bunker tanker FueLNG Bellina successfully refuelling BYD Shenzhen, the world’s largest LNG-fuelled car carrier, at Singapore anchorage during its maiden voyage.

“With a capacity of 9,200 vehicles and equipped with dual-fuel LNG propulsion, the BYD SHENZHEN represents the next generation of low-emission maritime transport,” it said in a social media post. 

Shell said it supported BYD Shenzhen on its maiden voyage as the supplier of the LNG bunker fuel. 

“Like all LNG dual fuel vessels, BYD Shenzhen is on the pathway to net zero emissions. She can take bio-LNG, and in the future e-LNG, in her fuel mix for further emission reduction and regulatory compliance,” it said in a separate social media post. 

 

Photo credit: Shell
Published: 16 May, 2025

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Biofuel

Hong Kong: CPN hits new record for China’s largest B24 biofuel bunkering operation

Chimbusco Pan Nation delivered 6,300 mt of B24-VLSFO in Hong Kong to boxship “XIN LOS ANGELES” on 15 May, exceeding its previous record of 5,500 mt delivered in February 2025.

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Hong Kong: CPN hits new record for China's largest B24 biofuel bunkering operation

Hong Kong-based bunker supplier Chimbusco Pan Nation Petro-Chemical (CPN) on Friday (16 May) said it has set a record for China’s largest B24 marine biofuel bunkering operation.

CPN said it delivered 6,300 metric tonnes (mt) of B24-VLSFO in Hong Kong to container ship XIN LOS ANGELES on 15 May. 

The supply exceeded CPN’s previous record of 5,500 mt delivered to the same ship in February 2025.

“This collaboration reinforces CPN’s ability to execute large-scale marine biofuel bunkering with precision and reliability,” the company said in a social media post.

“By consistently supplying large volumes of B24 marine biofuel, CPN supports reduced carbon emissions and sustainable shipping practices globally.”

Related: CPN achieves largest B24 bio bunker fuel delivery in Hong Kong and China

 

Photo credit: Chimbusco Pan Nation Petro-Chemical
Published: 16 May, 2025

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