The port of Zhoushan in China’s eastern Zhejiang Province is working on plans to become the bunkering hub of northeast Asia, reports CGTN.
It noted Zhoushan selling a total of 2.4 million metric tonnes (mt) of bonded marine fuel during 2017, a figure 30% up on year; while China sold about 10 million mt of bunker fuel in 2017.
“Factors that can affect the competitiveness of the bunkering market mainly include the bunker fuel prices, the port location, and the service efficiency,” Xu Yan, an official with the management committee of the Zhoushan Port Comprehensive Bonded Zone, told CGTN.
“With the goal of becoming northeast Asia’s bunkering hub, we have introduced a slew of measures to improve the service quality and efficiency, such as ‘an oil tanker fuels multiple vessels’ and ‘cross-region direct supply’.”
In July, Manifold Times reported representatives of China Ocean Shipping Group Co., Ltd. (COSCO) and Zhejiang Pilot Free Trade Zone arranging to discuss the feasibility of securing a supply of bonded low sulphur fuel oil (LSFO) through the development of a bunkering centre at Zhoushan port.
The same month also saw the Shanghai Futures Exchange listing and trading newly launched bonded 380 fuel oil futures contracts.
Meanwhile, research and consultancy firm Wood Mackenzie believes demand for marine gas oil (MGO) at China will increase by about 5 million mt by 2020 due to the International Maritime Organization (IMO) sulphur cap.
Most recently, the Chinese Ministry of Transport issued a letter to various commercial entitles and state-owned energy players to ask for feedback in regards to a draft national liquefied natural gas (LNG) bunkering strategy by 20 August, 2018.
Related: COSCO plans for bonded LSFO supply base at Zhoushan
Related: Shanghai Futures Exchange launches RMG 380 bonded contracts
Related: Qingdao Port and PetroChina form JV oil storage firm
Related: Wood Mackenzie: China MGO demand to rise 5 million mt by 2020
Related: China: Ministry of Transport outlines draft LNG bunkering strategy
Published: 16 August, 2018
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