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Singapore: Bunker fuel sales continue upward trend, rose by 13.4% on year in April

4.25 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in April, an increase from 3.75 million mt (3,749,500 mt) recorded during April 2022.

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Sales of bunker fuel at Singapore port increased by 13.4% on year during April 2023, according to Maritime and Port Authority of Singapore (MPA) data.

In total, 4.25 million metric tonnes (mt) (exact 4,253,500 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in April, an increase from 3.75 million mt (3,749,500 mt) recorded during April 2022.

Deliveries of 500 centistokes (cSt), 380 cSt and 180 cSt grades in April (against on year) were respectively 21,700 (-20.2% from 27,200 mt), 1.16 million mt (+26.8% from 914,500 mt), and zero (from zero).

Low sulphur variants of 500 cSt, 380 cSt and 180 cSt products in April (against on year) recorded respectively 1,100 (+100% from zero), 2.03 million mt (+10.3% from 1.84 million mt), and 82,100 mt (-26.4% from 111,600 mt).

Low sulphur 100 cSt recorded sales of 589,600 mt (+10.4% from 534,000 mt) and ULSFO had no sales in April.

Low Sulphur marine gas oil (LSMGO) sales were posted at 312,100 mt (+11.9% from 278,900 mt) and MGO at 15,300 mt (+93.7% from 7,900 mt).

Related: Singapore: Bunker fuel sales continue upward trend, rose by 10.8% on year in March
RelatedSingapore: Bunker fuel sales continue upward trend, up 8.3% on year in February
RelatedSingapore’s bunker sales kickstarts well with 8.6% increase on year in January 

A complete series of articles on Singapore bunker volumes by Manifold Times in 2022 can be found below:

RelatedSingapore: January bunker sales volume down 10.4% on year, show MPA data
RelatedBunker fuel sales at Singapore fell 15% on year in February 2022
RelatedSingapore: Marine fuel sales continue downward trend, falls 10.2% on year in March
RelatedSingapore: Marine fuel sales continue downturn trend, down 12.1% on year in April
RelatedSingapore: Bunker fuel sales increase by 1.1% on year in May
RelatedBunker fuel sales at Singapore fell 8.7% on year in June 2022
RelatedSingapore: Bunker fuel sales increase by 1.4% on year in July, show MPA data
RelatedMarine fuel sales at Singapore increase by 1.1% on year in August
RelatedSingapore: Bunker fuel sales marginally up 0.8% on year in Sep
RelatedSingapore: Bunker fuel sales slightly down 0.1% on year in October
RelatedSingapore: Bunker fuel sales increase by 3.6% on year in November
RelatedSingapore: Bunker fuel sales increase by 0.9% in December, show MPA data

 

Photo credit: Maritime and Port Authority of Singapore
Published: 15 May, 2023

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Biofuel

Singapore-based Uni-Fuels receives ISCC certifications for biofuel trading

ISCC EU and ISCC PLUS certifications will ensure biofuels traded by Uni-Fuels Pte Ltd meet requirements of EU’s RED II, including provision of PoS, enabling full traceability from feedstock to final product.

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Uni-Fuels Holdings, (Uni-Fuels) on Wednesday (12 February) announced that its wholly owned subsidiary Singapore-based marine fuels trading and brokerage firm Uni-Fuels Pte Ltd (Uni-Fuels Singapore) has received both ISCC EU and ISCC PLUS certifications from the International Sustainability and Carbon Certification (ISCC).

These certifications highlight the company’s commitment to sustainability and compliance with European Union (EU) regulations aimed at reducing greenhouse gas (GHG) emissions in the maritime industry.

The ISCC certifications ensure that the biofuels traded by Uni-Fuels Singapore meet the requirements of the EU’s Renewable Energy Directive (RED II), including the provision of Proof of Sustainability (PoS). This important documentation ensures biofuels are sustainably sourced and produced, enabling full traceability from feedstock to final product.

As the maritime sector moves toward greater decarbonization, it is essential for biofuel suppliers to demonstrate compliance with regulatory standards, including the EU Emissions Trading System (EU ETS) and FuelEU Maritime. PoS documentation ensures biofuels can be counted toward emissions reduction targets, as opposed to being treated as fossil fuels.

Uni-Fuels Vice President, Operations Tan Guan Kai, said: “Achieving ISCC certifications demonstrates our commitment to supporting the global transition to cleaner fuels.”

“With Proof of Sustainability documentation, we provide our customers with the assurance that the biofuels they rely on are responsibly produced and fully compliant with evolving regulations.”

Manifold Times previously reported Uni-Fuels Holdings becoming the first Singapore-based marine fuel provider to be listed in the United States, following its successful initial public offering (IPO) on the Nasdaq Stock Market. 

Related: Uni-Fuels becomes first Singapore-based marine fuel provider to list in US
Related: Marine fuels trading, broking firm Uni-Fuels Holdings announces US IPO pricing
Related: Marine fuels trading, broking firm Uni-Fuels Holdings files for IPO on Nasdaq

 

Photo credit: Uni-Fuels Holdings
Published: 13 February, 2025

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Business

Singapore bunker trader Sing Fuels backs fintech venture with USD 10 mil investment

129Knots will offer a vast range of OTD solutions to increase transparency and enhance risk mitigation beginning in marine energy transition sector, with plans to expand into other high growth industries.

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Global fintech venture 129Knots recently announced its launch with a USD 10 million investment led by Singapore’s homegrown bunker trader Sing Fuels. 

The company reported that it is backed by a USD 500 million deal pipeline. 

Its real-world asset origination to distribution (OTD) technology will deliver and deploy scalable liquidity solutions through secure chain technologies. This will elevate supply chains into high-value assets that meet investment-grade standards. 

Moreover, the platform is driven by a proprietary data driven credit engine named Tribal Knots. Tribal Knots uses advanced machine learning and integrates both structured and unstructured data from global networks to offer real-time insights into buyer behavior, transaction patterns, and industry benchmarks.

129Knots was incubated and launched under the Singapore Economic Development Board (EDB) Corporate Venture Launchpad programme, which supports companies with venture creation and startup partnerships from Singapore. 

The corporation partnered with McKinsey & Company to validate its market opportunity, which led to the creation of 129Knots to drive innovation in the real-world asset economy. 

The additional support from Enterprise Singapore and IBM consulting, combined with the USD 10 million capital injection, will help scale 129Knots globally as it aims to solve the USD 2.5 trillion gap between trade finance requests and approvals, which is its first market entry value proposition.

129Knots will also offer a vast range of OTD solutions across trade credit, asset tokenization, programmable money, stablecoin-powered transactions, blockchain technology, advanced trade audit trails, innovative credit risk assessment models, and trade governance. 

These technologies will increase transparency and enhance risk mitigation beginning in the marine energy transition sector, with plans to expand into other high growth industries.

Vikash Dhanuka, Founder & Group CEO of 129Knots, said: “The homogeneous approach of balance-sheet led lending is obsolete. A one-size-fits-all approach simply fails in a dynamic sector such as global trade. At 129Knots, we redefine the game with a tailored integration of OTD technology, business risk management, and finance.”

“As an example, a small marine energy supplier in an emerging market can tokenize receivables using programmable money, enabling instant credit disbursement upon achieving predefined milestones verified in real-time through advanced governance audit trails.”

“This innovation provides financiers with full visibility into trade assets, mitigates risks and unlocks capital previously unavailable through conventional channels.”

 

Photo credit: Kyle Sudu on Unsplash
Published: 13 February, 2025

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Bunker Fuel

JLC China Bunker Fuel Market Monthly Report (January 2025)

China’s bonded bunker fuel sales rebounded in January with 1.64 million mt of bonded bunker fuel sold,
as domestic LSFO supply increased after the release of new export quotas, according to JLC data.

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JLC China Bunker Fuel Market Monthly Report (January 2025)

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for January 2025 with Manifold Times through an exclusive arrangement:

China’s bonded bunker fuel sales rebound in January

China’s bonded bunker fuel sales rebounded in January, as domestic low-sulfur fuel oil (LSFO) supply increased after the release of new export quotas.

The country sold roughly 1.64 million mt of bonded bunker fuel in the month, with daily sales at 52,806 mt, gaining 2.87% month on month, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 480,000 mt, 570,000 mt, 55,000 mt and 26,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 506,000 mt.

Most companies recorded higher bonded bunker fuel sales in the month, as domestic LSFO production returned to normal after China released the first batch of LSFO export quotas for 2025. Capping the upside, however, bunkering operations at Chinese ports were slowed down by the Chinese New Year holiday in late January.

China’s bonded bunker fuel exports edge down in 2024

China’s bonded bunker fuel exports edged down in 2024, as domestic refiners cut their production in view of quota tightness.

The country exported 19.63 million mt of bonded bunker fuel in the year, a modest cut of 0.24% year on year, JLC calculated, with reference to data from the General Administration of Customs of PRC (GACC).

Among the shipments, heavy bunker fuel exports settled at 18.33 million mt, accounting for 93.38%, while light bunker fuel exports settled at 1.30 million mt, accounting for 6.62%.

In December alone, China’s bonded bunker fuel exports were roughly 1.44 million mt, dropping by 20.90% month on month and 9.47% year on year, JLC calculated, with reference to the GACC data. In breakdown, heavy bunker fuel exports settled at 1.35 million mt, occupying 93.54%, while light bunker fuel exports came in at 93,000 mt, making up 6.46%.

JLC China Bunker Fuel Market Monthly Report (January 2025)

JLC China Bunker Fuel Market Monthly Report (January 2025)

Domestic-trade bunker fuel demand shrinks in January

Domestic-trade bunker fuel demand shrank in January, as trade in the shipping market was relatively thin during the Chinese New Year holiday.

Domestic-trade heavy bunker fuel demand was estimated at 390,000 mt in the month, down by 10,000 mt or 2.50% from the previous month, JLC’s data shows. At the same time, domestic light bunker fuel demand settled at 130,000 mt, slipping by 10,000 mt or 7.14% month on month.

Bunker fuel demand witnessed a modest increase in early January, buoyed by pre-holiday restocking. However, demand declined later in the month, as the majority of downstream buyers had completed their restocking.

Bunker Fuel Supply

China’s bonded bunker fuel imports surge in 2024

China’s bonded bunker fuel imports surged in 2024, which could mainly be ascribed to tight domestic supply.

China imported a total of 6.04 million mt of bonded bunker fuel last year, soaring by 45.92% year on year, JLC calculated, with reference to data from the GACC.

Only a few bonded distributors imported LSFO in the first half of 2024, while others prioritized imported high-sulfur fuel oil (HSFO). However, in the second half, domestic LSFO supply tightened significantly amid insufficient quotas, forcing bonded distributors to import more LSFO to fill the gap. Meanwhile, demand for imported HSFO continued to improve, as more ships were equipped with scrubbers and the import arbitrage window opened.

In December alone, China’s bonded bunker fuel imports exceeded 1 million mt and hit a 4-year high, as domestic LSFO output fell off a cliff amid persistent quota tightness. The imports amounted to 1.09 million mt in the month, jumping by 19.58% month on month and 247.21% year on year.

Singapore topped all suppliers by shipping 550,700 mt of bonded bunker fuel to China in the month, which accounted for 50.32% of the latter’s total imports. Malaysia slipped to the second place with 351,200 mt, accounting for 32.09%. Iraq and South Korea ranked third and fourth with 182,500 mt and 10,000 mt, accounting for 16.68% and 0.91%, respectively.

JLC China Bunker Fuel Market Monthly Report (January 2025)

Domestic-trade bunker fuel supply tightens in January

Domestic-trade bunker fuel supply tightened in January, because of decreasing availability of blendstock.

Chinese blenders supplied about 400,000 mt of domestic-trade heavy bunker fuel in the month, a cut of 30,000 mt or 6.98% from a month earlier, JLC’s data indicates.

Supply of residual oil, shale oil and light coal tar tightened, forcing blenders to decelerate their bunker fuel production. Meanwhile, blendstock prices fluctuated higher amid tighter supply, which also dampened some blenders’ buying interest.

Domestic-trade light bunker fuel supply settled at 150,000 mt in January, down by 10,000 mt or 6.25% month on month, the data shows. Refineries continued to lower their operating rates, because of the Chinese New Year holiday and stricter industry regulations.

JLC China Bunker Fuel Market Monthly Report (January 2025)

BunkerPrices, Profits

JLC China Bunker Fuel Market Monthly Report (January 2025)

JLC China Bunker Fuel Market Monthly Report (January 2025)

JLC China Bunker Fuel Market Monthly Report (January 2025)

Editor
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 recognised as the leading information provider in China. We specialise 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 Fuel Market Monthly Report (December 2024)
Related: JLC China Bunker Fuel Market Monthly Report (November 2024)
Related: JLC China Bunker Fuel Market Monthly Report (October 2024)
Related: JLC China Bunker Fuel Market Monthly Report (September 2024)
Related: JLC China Bunker Fuel Market Monthly Report (August 2024)
Related: JLC China Bunker Fuel Market Monthly Report (July 2024)
Related: JLC China Bunker Fuel Market Monthly Report (June 2024)
Related: JLC China Bunker Fuel Market Monthly Report (May 2024)
Related: JLC China Bunker Market Monthly Report (April 2024)
Related: JLC China Bunker Market Monthly Report (March 2024)
Related: JLC China Bunker Fuel Market Monthly Report (February 2024)
Related: JLC China Bunker Market Monthly Report (January 2024)

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 earlier periods are available here.

 

Photo credit: JLC Network Technology
Published: 13 February, 2025

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