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JLC China Bunker Market Monthly Report (July 2023)

China’s bonded bunker fuel sales fell back in July, due to bad weather in eastern regions; recorded 1.61 million mt of bonded bunker fuel sales with the daily sales dropping by 7.59% to 51,935 mt.

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

Bunker Fuel Demand

China’s bonded bunker fuel sales retreat in July

China’s bonded bunker fuel sales fell back in July, due to bad weather in eastern regions. 

The country recorded about 1.61 million mt of bonded bunker fuel sales in the month, with the daily sales dropping by 7.59% to 51,935 mt, JLC’s data indicates. The sales by Chimbusco, Sinopec Zhoushan, SinoBunker and China ChangJiang Bunker (Sinopec) were550,000 mt, 630,000 mt, 70,000 mt and 40,000 mt, respectively. At the same time, suppliers with regional bunkering licenses sold about 320,000 mt, the data also shows. 

Bunkering business in East China, especially at ports such as Ningbo Zhoushan Port, was hit hard by rains

and typhoons. Meanwhile, bonded bunker fuel supply decreased in East China, which also dragged down the sales in the region. However, the sales in North and South China, where refueling demand was largely stable, did not change much. 

China’s bonded bunker fuel exports rise 8.32% in H1

China’s bonded bunker fuel exports rose by 8.32% in the first half of this year amid multiple factors, speeding up from a rise of 3.35% in January-May. The country exported a total of 10.41 million mt of bonded bunker fuel in the first six months, up from 9.61million mt in the same months in 2022, JLC estimated, with reference to data from the GeneralAdministrationof Customs of PRC (GACC). 

Among these exports were 9.89 million mt of heavy bunker fuel and 522,100 mt of light bunker fuel, which respectively accounted for 94.99% and 5.01% of the total.

 By supplier, enterprises with national bunkering licenses exported about 8.49 million mt of bonded bunker fuel in this period, accounting for 81.56%, and those with regional licenses exported 1.92 million mt, making up 18.44%. 

China’s bonded bunker fuel exports plunged on year in January when shipping demand was seasonally weak. Meanwhile, bunkering business at Chinese ports was halted during the Chinese New Year holiday and China’s customs clearance was also affected by the holiday. However, the exports rallied in February as shipping demand recovered modestly and the operation of China’s customs returned to normal after the holiday. 

Bonded bunker exports surged to a 14-month high in March, mainly because of larger low-sulfur fuel oil (LSFO) production. At the same time, bunker fuel prices at Chinese ports showed an advantage over surrounding ports, attracting more foreign shipowners. But the exports fell back in April, as domestic LSFO output hit a 17-month low, due to bad margins and unit maintenance. 

Domestic supply of bonded bunker fuel increased in May-June, as Chinese refiners boosted their LSFO production amid slightly recovering margins and unit restarts. China released this year’s second batch of quotas on LSFO exports in May, encouraging refiners to expand exports.As a result, China’s bonded bunker fuel exports grew rapidly in the two months.

In June alone, China exported about 2.04 million mt of bonded bunker fuel, rising by 5.25% from the previous month and 34.96% from a year earlier. Heavy bunker fuel exports amounted to 1.93 million mt, accounting for 94.57%, and light bunker fuel exports were 110,900 mt, accounting for 5.43%. 

Suppliers with national licenses exported roughly 1.67 million mt in the month, accounting for 81.58% of the country’s total, with Sinopec Fuel Oil and Chimbusco taking 76.85%. At the same time, enterprises with regional licenses exported 376,000 mt, accounting for 18.42%, with PetroChina Fuel Oil (Zhoushan, Shanghai and Guangzhou) taking 227,700 mt which occupied 11.15% of China’s exports and 60.56% of regional suppliers’ total.

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Domestic-trade bunker fuel demand climbs in July

Domestic-trade heavy bunker fuel demand settled at 310,000 mt in July, a rally of 10,000 mt or 3.33% month on month, JLC’s data shows. Despite a modest bounce, heavy bunker fuel demand was still relatively tepid when typhoons forced some shipowners to suspend voyages. 

Meanwhile, domestic-trade light bunker fuel demand rose to about 140,000 mt, up by 5,000 mt or 3.70% from a month earlier. The bunker fuel market improved slightly amid stronger diesel, but the improvement was capped by some buyers’ wait-and-see attitude.

Bunker Fuel Supply

China slashes its bonded bunker fuel imports in H1 2023

China slashed its bonded bunker fuel imports in the first six months of 2023, largely due to lofty import costs.

The country imported approximately 1.85 million mt of bonded bunker fuel in the first half of this year, a plunge of 24.43% from the corresponding period in 2022, slowing down from a slump of 27.66% in January-May, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

As the largest supplier in this period, Malaysia shipped about 952,100 mt of bonded bunker fuel to China, accounting for 51.41% of the latter’s total imports. Singapore came in second with 485,800 mt, occupying 26.24%, followed by South Korea with 310,200 mt, accounting for 16.75%. Meanwhile, inflows fromJapanwere roughly 103,700 mt, making up 5.60%. 

China halved its bonded bunker fuel imports in the first quarter (Q1) of this year, with the monthly imports plunging to a historical low of 175,600 mt in March. Chinese distributors prioritized domestic bonded bunker fuel over imported one, as freight rates for imported cargoes were high and imported low-sulfur fuel oil (LSFO) lacked price advantages. Meanwhile, domestic bunker fuel supply increased when refiners boosted their LSFO production, which also dragged down the imports. The country produced a total of 3.80 million mt of LSFO in Q1, up from 3.56 million mt in the same quarter of 2022, JLC’s data shows. 

However, the imports rose in the second quarter (Q2) as domestic supply tightened, though freight rates for imported cargoes were still high. In view of fewer margins and unit maintenance, refiners lowered their LSFO output to roughly 3.50 million mt in the quarter, a cut of 7.73% from the previous quarter and 8.87%fromQ22022, JLC’s data indicates. The import arbitrage window opened in Q2 when China’s bonded bunker fuel prices climbed, prompting some distributors to increase imports to fill the demand gap. Meanwhile, some traders hiked their high-sulfur fuel imports, due to the decline in domestic LSFO supply.

Into the second half (H2) of this year, high freight rates will continue to depress the imports. Domestic supply of low-sulfur bonded bunker fuel is expected to be largely stable, and importers will still favor domestic resources. China’s bonded bunker fuel imports may reach 4.00-4.50 million mt in 2023, according to JLC’s projection.

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Domestic-trade bunker fuel supply increases in July

Domestic-trade heavy bunker fuel supply increased in July, as blenders raised output amid growing blendstock supply. 

Chinese blenders supplied about 360,000 mt of heavy bunker fuel in the month, a boost of 30,000 mt or

9.09% from June, JLC’s data shows. Refineries supplied more low-sulfur residual oil after maintenance, enabling blenders to ramp up bunker fuel production. Meanwhile, blenders showed higher blending interest, as downstream buyers became bullish on bunker fuel prices and increased purchases. 

Domestic-trade marine gas oil (MGO) supply settled at 170,000 mt in the month, jumping by 20,000 mt or 13.33% from a month earlier. Refineries supplied more light bunker fuel as coking margins grew sharply amid rising product prices.

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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 (June 2023)
Related: JLC China Bunker Fuel Market Monthly Report (May 2023)
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Related: JLC China Bunker Market Monthly Report (February 2022)
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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: 11 August, 2023

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Bunker Fuel

Singapore: Bunker sales volume raises to year record high of 4.88 million mt in May

Bio-blended variants of marine fuel oil jumped 671.7% to 40,900 mt when compared to figures seen in May 2024.

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SG bunker performance May 2025

Bunker fuel sales at Singapore port inched forward by 1.1% on year in May 2025, the highest volume seen in 2025, according to Maritime and Port Authority of Singapore (MPA) data.

In total, 4.88 million metric tonnes (mt) (exact 4,878,100 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in April, up from 4.83 million mt (4,826,800 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 May (against on year) recorded respectively 1.89 million mt (+8.6% from 1.74 million mt), 2.45 million mt (-7.2% from 2.64 million mt), 1,200 mt (from zero), 1,700 mt (-88% from 14,300 mt) and zero (from zero).

SG bunker port performance May 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 May (against on year) recorded respectively 40,900 mt (+671.7% from 5,300 mt), 95,800 mt (+97.9% from 48,400 mt), 700 mt (from zero), zero (from zero) and zero (from 300 mt). B100 biofuel bunkers, introduced in February this year, recorded 1,900 mt of deliveries in May.

LNG and methanol sales were respectively 45,000 mt (-7.8% from 48,800) and zero (from 1,600 mt). There were no recorded sales of ammonia for the month and so far in 2025.

Related: Singapore: Bunker fuel sales increase by 4% on year in April 2025
RelatedSingapore: 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: 16 June 2025

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Bunker Fuel

Panama bunker sales volume up 13.9% on year to 453,397 mt in May 2025

Total bunker sales at Panama was 453,397 metric tonnes (mt) in May 2025, compared to sales of 398,964 mt during the similar period in 2024.

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RESIZED Panama

Bunker fuel sales at Panama increased by 13.9% in May 2025, according to the latest data from La Autoridad Maritima de Panama, also known as the Panama Maritime Authority (PMA).

Total bunker sales at Panama was 453,397 metric tonnes (mt) in May 2025, compared to sales of 398,964 mt during the similar period in 2024.

In May 2025, the Pacific side of Panama posted bunker sales of 368,419 mt; 213,589 mt of VLSFO, 117,297 mt of RMG 380, 1,538 of marine gas oil (MGO), and 35,995 mt of low sulphur marine gas oil (LSMGO) were delivered.

The similar region saw total marine sales of 323,084 mt a year before in May; with VLSFO sales at 184,761 mt, RMG 380 sales at 112,011 mt, MGO sales at 2,199 mt, and 24,113 mt of LSMGO being sold.

Panama’s Atlantic side, meanwhile, recorded total bunker fuel sales of 84,978 during May 2025; the figure comprised 63,318 mt of VLSFO, 8,575 mt of RMG 380, 1,987 mt of MGO, and 11,098 mt of LSMGO.

It saw total sales of 74,980 mt in May a year before; with VLSFO sales of 59,855 mt, RMG 380 sales of 6,508 mt, 1,545 mt of MGO, and LSMGO sales of 7,072 mt.

 

Photo credit: George Keel
Published: 16 June 2025

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Research

GCMD presents key learnings from ammonia STS transfer trial at Pilbara, Australia

Findings share operational recommendations for both bunker tankers and receiving vessels for ammonia bunkering operations.

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GCMD path to zero carbon shipping

The Global Centre for Maritime Decarbonisation (GCMD) on Friday (13 June) launched its Path to Zero-Carbon Shipping – Insights from ammonia transfer trial in the Pilbara report.

The document captures key learnings from a pilot involving the ship-to-ship transfer of liquid ammonia between two gas carriers — the Green Pioneer and the Navigator Global — at anchorage off Port Dampier in the Pilbara, Western Australia.

The trial demonstrated that ship-to-ship ammonia transfer at anchorage can be both safe and practicable, provided that recommended safeguards and operational controls are implemented.

To share these crucial learnings with the industry, the report offers quantitative insights from executing the trial, forming a reference for future pilots and eventual commercial-scale operations.

The report offers:

Project background and objectives: An overview of the trial’s goals and operational context

Detailed safety studies covering four key areas:

  • Feasibility: Response motions and mooring analysis
  • Risks: HAZID and HAZOP findings and mitigations
  • Consequences: Computational Fluid Dynamics (CFD) plume dispersion modelling
  • Response: Emergency Response measures and protocols

Operation execution overview: A detailed account of the actual transfer operation, including the Joint Plan of Operations (JPO), assets deployed and a timeline of key events.

Optimising ammonia bunkering: Operational recommendations for both bunker tankers and receiving vessels, covering aspects such as transfer system setup, manifold arrangement, sample collection and more. A checklist of ERP resources required onboard is also included.

“In the past, bunkering guidelines took years to develop and were typically derived from experience with actual operations,” said Professor Lynn Loo, CEO of GCMD.

“In this case, guideline development is preceding actual commercial-scale operations, making it all the more important that these trials are as informative and comprehensive as possible so they can serve as a relevant reference for industry bodies in refining safe handling procedures, emergency response plans, and operational guidelines.”

Note: The full report of Path to Zero-Carbon Shipping – Insights from ammonia transfer trial in the Pilbara can be downloaded here.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 16 June 2025

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