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JLC China Bunker Market Monthly Report (March 2023)

China’s bonded bunker fuel sales rebounded in March, as more foreign ships refueled at Chinese ports where LSFO prices were competitive.

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

Bunker Fuel Demand

China’s bonded bunker fuel sales rebound in March

China’s bonded bunker fuel sales rebounded in March, as more foreign ships refueled at Chinese ports where low-sulfur fuel oil (LSFO) prices were competitive.

The country tallied about 1.59 million mt of bonded bunker fuel sales in March, a rally of 130,000 mt or 8.18%from February, JLC’s data shows. Specifically, the sales by Chimbusco and SinoBunker climbed to 610,000mt and 70,000 mt, up from 550,000 mt and 60,000 mt in the previous month respectively, while those by Sinopec Zhoushan slipped to 530,000 mt, down from 550,000 mt. At the same time, China ChangJiangBunker (Sinopec) sold about 40,000 mt of bonded bunker fuel, unchanged month on month. In addition, suppliers with regional licenses sold 340,000 mt, versus 260,000 mt in February.

LSFO prices at Chinese ports, especially those in Zhoushan and Shanghai, dropped in the month, attracting more shipowners to refuel. However, the supply of bonded bunker resources was still relatively tight in South China, limiting the rise in China’s total sales.

China’s bonded bunker fuel exports plunge 23.64% in Jan-Feb

China’s bonded bunker fuel exports plunged by 23.64% year on year in January-February 2023, due to multiple downsides.

The country exported about 2.93 million mt of bonded bunker fuel in the two months, down from3.84 million mt in the corresponding months in 2022, JLC estimated, with reference to data from the General Administration of Customs of PRC (GACC).

Heavy bunker fuel exports were 2.79 million mt in the first two months of this year, accounting for 95.18%of the total.At the same time, marine oil gas (MGO) exports were 141,500 mt, making up 4.82%.

Enterprises with national and regional bunkering licenses exported about 2.41 million mt and 526,600 mt in the two months, occupying 82.05% and 17.95% respectively. Sinopec Fuel Oil and Chimbusco were still the main suppliers in this period.

In January alone, China’s bonded bunker fuel exports were roughly 1.32 million mt, a dramatic slump of 46.38% year on year. Global shipping demand was seasonally weak in January, and foreign shipowners were wary about purchases. Meanwhile, the supply of bonded resources tightened in northern regions, which also hit the exports. In addition, some bunkering business at Chinese ports was halted during the Chinese New Year holiday, and China’s customs clearing procedure for export was also affected by the holiday.

However, the exports rebounded in February when global shipping demand grew modestly. Meanwhile, the operation of China’s customs returned to normal after the holiday. China’s bonded bunker fuel exports stood at about 1.61 million mt in February, up by 22.08% from a month earlier and 17.04% from a year earlier.

On the flip side, China’s low-sulfur fuel oil (LSFO) output climbed in January-February as domestic demand rallied. China’s LSFO output settled at 2.46 million mt in the two months, an increase of 7.40%year on year, JLC’s data shows.

China may boost its bonded bunker fuel exports in March as the country’s foreign trade may improve on preferential policies, but the exports are unlikely to grow much because the recovery of the global economy and shipping demand is still slow.

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Domestic bunker fuel demand grows slower in March

Domestic-trade bunker fuel demand saw slower growth in March when shipowners were more cautious about purchases. Domestic-trade bunker fuel demand settled at 360,000 mt in the month, a gain of 20,000 mt or 5.88%monthon month, decelerating from a rise of 8.82% in February. Trade cooled down with shipping demand still slow to recover.

In the meantime, domestic demand for light bunker fuel climbed to 135,000 mt, up by 5,000 mt or 3.85%, slowing down from a jump of 18.18% in February. Domestic-trade light bunker fuel consumption increased slightly when marine gas oil prices slipped, but the increase was much slower than a month earlier due to deeper wait-and-see sentiment.

Bunker Fuel Supply

China’s bonded bunker imports hit new low in Jan-Feb 2023

China’s bonded bunker fuel imports plummeted to a new low in the first two months of 2023, largely due to relatively high freight rates and ample supply of domestic low-sulfur fuel oil (LSFO).

The country imported approximately 456,900 mt of bonded bunker fuel in January and February 2023, a plunge of 48.01% from the same period in 2022, JLC estimates, based on data from the General Administration of Customs of PRC (GACC).

Most distributors favored domestically-produced low-sulfur bonded bunker fuel over imported fuel as international freight rates remained high, and domestic supply was more stable and less expensive, industry sources said.

Some distributors with regional licenses to supply bonded bunker may choose to suspend bunkering business if they failed to secure domestic LSFO supplies, according to industry sources.

In China’s bonded bunker market, only high-sulfur fuel oil (HSFO) and marine gasoil (MGO) still rely on imports, while LSFO is rarely seen coming from overseas at present.

Noticeably, HSFO and MGO only account for a small percentage of market share in China’s bonded bunkering business, which may explain why imports were so low in January and February this year.

Malaysia was the top supplier of bonded bunker during the two-month period, exporting 306,400 mt to China, accounting for 67% of the latter’s total imports, followed by South Korea, which exported 109,500 mt with an import share of 24%. Japan and Singapore ranked third and fourth with 39,500 mt and 1,500 mt, accounting for 8.7% and 0.3% respectively.

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Domestic heavy bunker fuel supply increases in March

Domestic-trade heavy bunker fuel supply continued to increase in March. Chinese blenders supplied about 375,000 mt of heavy bunker fuel in the month, an uptick of 15,000 mt or 4.17% from a month earlier, JLC’s data shows.

In contrast, the supply of marine gas oil (MGO) shrank to 140,000 mt in the month, a mild dip of 5,000 mt or 3.45% month on month, the data indicates.

Some blenders were wary about bunker fuel blending when downstream demand was relatively weak. As aresult, they just based their supply on actual orders.

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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)
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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 (February 2023)
Related: JLC China Bunker Market Monthly Report (January 2023)
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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: 17 May, 2023

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Business

Singapore: Ang Wee Keong from IMDA appointed as new MPA Chief Executive

Ang will relinquish his IMDA appointment as Assistant Chief Executive (International) of the Info-Communications and will officially take over from Teo Eng Dih from 16 June.

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Singapore: Ang Wee Keong from IMDA appointed as new MPA Chief Executive

Singapore’s Ministry of Transport on Tuesday (29 April) said Mr Ang Wee Keong, currently the Assistant Chief Executive (International) of the Info-Communications Media Development Authority (IMDA), will concurrently be appointed as Chief Executive (Designate) of the Maritime and Port Authority (MPA) from 1 May to 15 June 2025. 

He will relinquish his IMDA appointment and be appointed Chief Executive of MPA from 16 June 2025. He will succeed Mr Teo Eng Dih, who will be appointed Deputy Secretary (Special Duties) at the Ministry of Transport with effect from 16 June. 

Mr Teo will remain as a member of the MPA Board until he steps down as CE MPA. Mr Ang will be appointed as a board member with effect from 16 June 2025.

“The Ministry of Transport thanks Mr Teo Eng Dih for his leadership and contributions as Chief Executive of MPA, and welcomes Mr Ang Wee Keong,” the ministry added. 

Mr Teo Eng Dih (张英智)

As the Chief Executive of the MPA, Mr Teo made significant contributions to grow Singapore’s International Maritime Centre and the PIER71TM startup ecosystem. During his tenure, the Port of Singapore attained new records in vessel arrivals, container throughput, bunker sales and registrations under the Singapore Registry of Ships. MPA was also recognised as one of the key global regulators by Lloyd’s List. These milestones were reached amidst a complex global operating environment marked by geopolitical uncertainties, supply chain disruptions and technological shifts affecting the flow of goods and supplies worldwide.  

Mr Ang Wee Keong (洪伟强) 

As the Assistant Chief Executive (International) of IMDA, Mr Ang made significant contributions in advancing Singapore’s digital interests and thought leadership in the international arena. He strengthened Singapore’s network of digital economy partnerships, and expanded collaboration through platforms like the ASEAN Digital Ministers’ Meeting, Forum of Small States and Asia Tech x Singapore (ATxSG). He also oversaw the formulation of forward-thinking policies and regulations in digital technology and services to advance the growth of Singapore’s digital economy, including the upcoming Digital Infrastructure Act to enhance the resilience and security of systemically important digital infrastructure.

 

Photo credit: Singapore Polytechnic
Published: 30 April, 2025

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Technology

TFG Marine to launch of ZeroNorth e-BDNs at Port of Sohar after Singapore success

Kenneth Dam announced the successful trial and imminent roll-out of ZeroNorth’s electronic bunker delivery note solution for its customers in the Port of Sohar, in Oman.

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TFG Marine to launch ZeroNorth e-BDNs at Port of Sohar after success in Singapore

Global marine fuel supply and procurement firm TFG Marine on Tuesday (29 April) announced the company’s successful trial and imminent roll-out of ZeroNorth’s electronic bunker delivery note (e-BDN) solution for its customers in the Port of Sohar, in Oman.

A first for the Middle East region following the successful deployment of the same technology earlier this year by TFG Marine at the Port of Singapore. The eBDN trial in Oman was completed in collaboration with ZeroNorth and SGTraDex, using the Singapore standards as a benchmark.

Kenneth Dam, Global Head of Bunkering, said: "We’re excited to partner with ZeroNorth, Fratelli Cosulich Group Bunkers, SGTraDex and SOHAR Port and Freezone to shortly introduce e-BDNs to our customers here in Oman.”

“This technology, that we have already successfully introduced in Singapore is yet another step in modernising our industry. It will streamline the bunker delivery process, cut administrative burdens, enhance digital documentation and help build a smarter, more connected bunkering sector.”

“We remain committed to establishing e-BDNs as a global standard for bunker fuel delivery and will continue to work closely with port authorities to advocate for and deploy this technology across our operations.”

Dam made the announcement at the Oman Maritime, Ports and Energy Forum, during the panel discussion on The Transformative Power of Data: The Evolving Role of Digitalisation in Shipping and Bunkering.

Dam added the fully digital solution — accessible through TFG Marine’s mobile app and integrated with SGTraDex’s digital infrastructure, — will enable the inclusion of additional data, such as mass flow meter readings during fuel deliveries.

“By integrating this technology, we will drive significant improvements in efficiency, accuracy, compliance, and sustainability across our operations, complementing the global mass flow meter rollout across our fleet and reinforcing TFG Marine’s position at the forefront of the modern bunkering industry,” he said. 

Manifold Times previously reported TFG Marine announcing the introduction of ZeroNorth’s e-BDNs for its customers in Singapore during 23rd Singapore International Bunkering Conference (SIBCON) by the end of 2024.

In November last year, TFG Marine announced its first digitalised marine fuel delivery in Singapore using electronic bunker delivery notes (e-BDNs).

Its team supplied VLSFO bunker fuel to Pacific Basin Shipping Limited’s Illovo River bulk carrier, marking the first of four bunkering deliveries that month where this new technology was successfully deployed. 

Related: SIBCON 2024: TFG Marine to launch ZeroNorth e-BDNs in Singapore
Related: TFG Marine achieves first digitalised bunker fuel delivery with e-BDN in Singapore

 

Photo credit: TFG Marine
Published: 30 April, 2025

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Biofuel

Hercules Tanker Management vessel “Mount Kibo” takes on B30 bio bunker fuel

HTM said its tanker was successfully supplied with B30 bunkers by tanker “Hercules Sky”, another HTM-owned vessel and operated by Peninsula, marking the first biofuel supply to the HTM fleet.

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Hercules Tanker Management vessel “Mount Kibo” takes on B30 bio bunker fuel

Hercules Tanker Management (HTM) on Tuesday (29 April) announced that its tanker Mount Kibo has been successfully supplied with B30 bunkers by tanker Hercules Sky, another HTM-owned vessel which is operated by Peninsula.

The operation marked the first biofuel supply to the HTM fleet.

HTM is the shipping venture launched last September by John A. Bassadone, founder and CEO of independent marine fuel supplier Peninsula. 

HTM said the operation carried out in the Strait of Gibraltar aligns with the recent discussions at MEPC 83, where key decisions were made to advance maritime decarbonisation, including new fuel standards and a global pricing mechanism for emissions. 

“Additionally, this initiative supports the objectives of the FuelEU Maritime Regulation, which promotes the use of renewable, low-carbon fuels and clean energy technologies for ships,” it said.   

“By utilising biofuels, we are contributing to the reduction of greenhouse gas emissions and supporting the industry's transition towards cleaner energy solutions.”

Related: Peninsula founder launches shipping firm Hercules Tanker Management
Related: Peninsula “Hercules Sky” to supply biofuel bunkers in Gibraltar Strait

 

Photo credit: Hercules Tanker Management
Published: 30 April, 2025

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