B100 premiums over LBM drop to $87-303/mt; Rotterdam’s B100 over $500/mt cheaper than LSMGO; LNG’s discounts to LSMGO narrow sharply.
Total bunker sales at Panama was 478,938 metric tonnes (mt) in December 2025, compared to sales of 500,563 mt during the similar period in 2024.
Extended lead times persist in Houston; availability is tight in OPL Sepetiba; bunker demand has eased in Panama.
Bunker report panellists include Island Oil Limited, Cockett Marine Oil Pte, Monjasa A/S and KPI OceanConnect, NSI Marine and Transparensea Fuels.
Prompt supply is tight in Gibraltar; fuel availability improves in Las Palmas; HSFO and VLSFO availability very tight in Port Louis.
City-state recorded marine fuel sales of 56.77 million tonnes in 2025, a 3.4% increase from 2024, with continued growth in the use of alternative marine fuels.
Bunker demand low in Zhoushan; VLSFO and LSMGO availability good in Taiwanese ports; VLSFO availability tight across several Japanese ports.
Among the top bunker suppliers in the city-state are Equatorial Marine Fuel Management Services, Eng Hua Co, TFG Marine, Vitol Bunkers (S) and Chevron Singapore.
Rotterdam LBM's discount to B100 widens to $505/mt for vessels with low methane slip engines sailing between EU ports.
![Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for December 2025 with Manifold Times through an exclusive arrangement: Bunker Fuel Demand China's daily bonded bunker fuel sales hit 8-month high in December China sold about 1.82 million mt of bonded bunker fuel in December 2025, with the daily sales at 58,565 mt, an eight-month high since April 2025, JLC's data shows. The daily sales in December increased by 5.29% month on month and 14.09% year on year. The container shipping market performed well amid growing replenishment at the end of the year, and the dry bulk shipping market was relatively prosperous. Meanwhile, some enterprises made efforts to achieve their annual sales targets, which also bolstered bunkering demand. Regarding the sales by supplier, the sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) respectively settled at 490,000 mt, 580,000 mt, 50,000 mt and 10,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 685,500 mt. China's LSFO output plunges to 12-month low in December China's low-sulfur fuel oil (LSFO) output plunged to a 12-month low in December, because of tight export quotas. Chinese refiners produced 817,000 mt of LSFO in the month, with the daily output at 26,355 mt, a slump of 20.46% month on month, JLC's data shows. Specifically, most refineries under Sinopec reduced LSFO production amid quota tightness. Though Qingdao Petrochemical lowered its output as well, its output was still relatively high. Shengli Oilfield maintained largely stable daily LSFO output. PetroChina's LSFO output plunged in the month, dampened by tight quotas. Liaohe Petrochemical slashed its output, and most of the other refineries decelerated their production. By contrast, Dalian WEPEC recorded an output increase, as the refinery restarted its hydrotreating unit after maintenance. CNOOC's LSFO output dropped as well, with Zhoushan Petrochemical and Huizhou Refinery lowering their output. However, Zhongjie Petrochemical maintained largely stable production, and T aizhou Petrochemical had not resumed production yet. ZPC and Sinochem did not produce any LSFO in December, and the latter did not export any LSFO due to unit maintenance. On a year-on-year comparison, however, China's LSFO output surged by 115% in December, JLC's data indicates. The upsurge could be mainly ascribed to a low base in December 2024. China's LSFO output totaled 12.59 million mt in 2025, decreasing by 3.13% year on year, with the daily output down by 2.87% to 34,501 mt, JLC's data shows. Different declines were due to one more day in February 2024 than in February 2025. China has released its first batch of 2026 quotas on LSFO exports, keeping it flat at 8.0 million mt, with 3.72 million mt for Sinopec, 3.06 million mt for PetroChina, 1.16 million mt for CNOOC, 60,000 mt for Sinochem, industry sources said. Domestic-trade heavy bunker fuel demand stable in December Domestic-trade heavy bunker fuel demand was stable month on month in December. The demand settled at 350,000 mt in the month, unchanged from the prior month, JLC's data shows. On the one hand, demand for restocking grew moderately before the New Year's Day holiday. But on the other hand, continuous falls in freight rates dampened market sentiment and limited shipowners' buying interest. Most of the bunker fuel was supplied to regular customers, and only a few orders were newly signed. Domestic-trade light bunker fuel demand settled at 150,000 mt in the month, a decline of 10,000 mt or 6.25% month on month, the data indicates. Marine gas oil (MGO) demand became seasonally lukewarm. Bunker Fuel Supply China's bonded bunker fuel imports surge to year's new high in November China's bonded bunker fuel imports surged to the year's new high in November, with high-sulfur fuel oil (HSFO) arrivals increasing obviously. Chinese bunker suppliers imported 806,000 mt of bonded bunker fuel in the month, an upsurge of 55.36% from the prior month, JLC's calculations show, based on the GACC data. Bonded distributors increased their HSFO imports as the economic benefit of HSFO bunkering was relatively high. Meanwhile, some top distributors were making attempts to boost their bonded bunker fuel sales by the end of the year, which also led to a rise in bonded HSFO imports. In order to guarantee normal bunkering, bunker suppliers continued to import bonded LSFO in November when domestic production dropped amid tight export quotas. Bonded MGO imports were largely stable in the month. Regarding the bonded bunker fuel imports by supplier, Singapore returned to the first place by exporting 309,800 mt of bonded bunker fuel to China, accounting for 38.44% of China's imports. Malaysia ranked second with 248,700 mt, accounting for 30.85%. Russia ranked third with 128,900 mt, accounting for 15.99%, while South Korea slipped to the fourth place with 118,600 mt, accounting for 14.72%. On a year-on-year comparison, however, China's bonded bunker fuel imports dropped by 11.93% in November, calculations show. Domestic-trade heavy bunker fuel supply tightens in December Domestic-trade heavy bunker fuel supply tightened in December, as low-sulfur residual oil supply plunged amid slower transportation. Meanwhile, blenders' production enthusiasm was limited by insufficient supply of consumption-tax-included resources. Chinese blenders supplied about 340,000 mt of domestic-trade heavy bunker fuel in the month, a cut of 20,000 mt or 5.56% from the prior month, JLC's data shows. Domestic-trade MGO supply settled at 180,000 mt in December, without changes month on month, the data shows. Despite weaker demand, MGO supply was still relatively high, underpinned by widening production margins. Bunker Prices, Profits Editor Yvette Luo +86-020-38834382 yvetteluo@jlcint.com Sales (Beijing) Tony Tang +86-10-84428863 tonytang@jlcint.com Sales (Singapore) Ginny Teo +65-31571254 ginnyteo@jlcint.com service@jlcint.com 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 (September 2025) Related: JLC China Bunker Fuel Market Monthly Report (July 2025) Related: JLC China Bunker Fuel Market Monthly Report (June 2025) Related: JLC China Bunker Fuel Market Monthly Report (May 2025) Related: [Updated 15 May] JLC China Bunker Market Monthly Report (April 2025) Related: JLC China Bunker Market Monthly Report (February 2025) Related: JLC China Bunker Fuel Market Monthly Report (January 2025) 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 JLC China Bunker Market Monthly Report (December 2025)](https://www.manifoldtimes.com/wp-content/uploads/2026/01/20-2.jpg "JLC China Bunker Market Monthly Report (December 2025) 53")
![Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for December 2025 with Manifold Times through an exclusive arrangement: Bunker Fuel Demand China's daily bonded bunker fuel sales hit 8-month high in December China sold about 1.82 million mt of bonded bunker fuel in December 2025, with the daily sales at 58,565 mt, an eight-month high since April 2025, JLC's data shows. The daily sales in December increased by 5.29% month on month and 14.09% year on year. The container shipping market performed well amid growing replenishment at the end of the year, and the dry bulk shipping market was relatively prosperous. Meanwhile, some enterprises made efforts to achieve their annual sales targets, which also bolstered bunkering demand. Regarding the sales by supplier, the sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) respectively settled at 490,000 mt, 580,000 mt, 50,000 mt and 10,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 685,500 mt. China's LSFO output plunges to 12-month low in December China's low-sulfur fuel oil (LSFO) output plunged to a 12-month low in December, because of tight export quotas. Chinese refiners produced 817,000 mt of LSFO in the month, with the daily output at 26,355 mt, a slump of 20.46% month on month, JLC's data shows. Specifically, most refineries under Sinopec reduced LSFO production amid quota tightness. Though Qingdao Petrochemical lowered its output as well, its output was still relatively high. Shengli Oilfield maintained largely stable daily LSFO output. PetroChina's LSFO output plunged in the month, dampened by tight quotas. Liaohe Petrochemical slashed its output, and most of the other refineries decelerated their production. By contrast, Dalian WEPEC recorded an output increase, as the refinery restarted its hydrotreating unit after maintenance. CNOOC's LSFO output dropped as well, with Zhoushan Petrochemical and Huizhou Refinery lowering their output. However, Zhongjie Petrochemical maintained largely stable production, and T aizhou Petrochemical had not resumed production yet. ZPC and Sinochem did not produce any LSFO in December, and the latter did not export any LSFO due to unit maintenance. On a year-on-year comparison, however, China's LSFO output surged by 115% in December, JLC's data indicates. The upsurge could be mainly ascribed to a low base in December 2024. China's LSFO output totaled 12.59 million mt in 2025, decreasing by 3.13% year on year, with the daily output down by 2.87% to 34,501 mt, JLC's data shows. Different declines were due to one more day in February 2024 than in February 2025. China has released its first batch of 2026 quotas on LSFO exports, keeping it flat at 8.0 million mt, with 3.72 million mt for Sinopec, 3.06 million mt for PetroChina, 1.16 million mt for CNOOC, 60,000 mt for Sinochem, industry sources said. Domestic-trade heavy bunker fuel demand stable in December Domestic-trade heavy bunker fuel demand was stable month on month in December. The demand settled at 350,000 mt in the month, unchanged from the prior month, JLC's data shows. On the one hand, demand for restocking grew moderately before the New Year's Day holiday. But on the other hand, continuous falls in freight rates dampened market sentiment and limited shipowners' buying interest. Most of the bunker fuel was supplied to regular customers, and only a few orders were newly signed. Domestic-trade light bunker fuel demand settled at 150,000 mt in the month, a decline of 10,000 mt or 6.25% month on month, the data indicates. Marine gas oil (MGO) demand became seasonally lukewarm. Bunker Fuel Supply China's bonded bunker fuel imports surge to year's new high in November China's bonded bunker fuel imports surged to the year's new high in November, with high-sulfur fuel oil (HSFO) arrivals increasing obviously. Chinese bunker suppliers imported 806,000 mt of bonded bunker fuel in the month, an upsurge of 55.36% from the prior month, JLC's calculations show, based on the GACC data. Bonded distributors increased their HSFO imports as the economic benefit of HSFO bunkering was relatively high. Meanwhile, some top distributors were making attempts to boost their bonded bunker fuel sales by the end of the year, which also led to a rise in bonded HSFO imports. In order to guarantee normal bunkering, bunker suppliers continued to import bonded LSFO in November when domestic production dropped amid tight export quotas. Bonded MGO imports were largely stable in the month. Regarding the bonded bunker fuel imports by supplier, Singapore returned to the first place by exporting 309,800 mt of bonded bunker fuel to China, accounting for 38.44% of China's imports. Malaysia ranked second with 248,700 mt, accounting for 30.85%. Russia ranked third with 128,900 mt, accounting for 15.99%, while South Korea slipped to the fourth place with 118,600 mt, accounting for 14.72%. On a year-on-year comparison, however, China's bonded bunker fuel imports dropped by 11.93% in November, calculations show. Domestic-trade heavy bunker fuel supply tightens in December Domestic-trade heavy bunker fuel supply tightened in December, as low-sulfur residual oil supply plunged amid slower transportation. Meanwhile, blenders' production enthusiasm was limited by insufficient supply of consumption-tax-included resources. Chinese blenders supplied about 340,000 mt of domestic-trade heavy bunker fuel in the month, a cut of 20,000 mt or 5.56% from the prior month, JLC's data shows. Domestic-trade MGO supply settled at 180,000 mt in December, without changes month on month, the data shows. Despite weaker demand, MGO supply was still relatively high, underpinned by widening production margins. Bunker Prices, Profits Editor Yvette Luo +86-020-38834382 yvetteluo@jlcint.com Sales (Beijing) Tony Tang +86-10-84428863 tonytang@jlcint.com Sales (Singapore) Ginny Teo +65-31571254 ginnyteo@jlcint.com service@jlcint.com 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 (September 2025) Related: JLC China Bunker Fuel Market Monthly Report (July 2025) Related: JLC China Bunker Fuel Market Monthly Report (June 2025) Related: JLC China Bunker Fuel Market Monthly Report (May 2025) Related: [Updated 15 May] JLC China Bunker Market Monthly Report (April 2025) Related: JLC China Bunker Market Monthly Report (February 2025) Related: JLC China Bunker Fuel Market Monthly Report (January 2025) 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 JLC China Bunker Market Monthly Report (December 2025)](https://www.manifoldtimes.com/wp-content/uploads/2026/01/20-2-400x240.jpg "JLC China Bunker Market Monthly Report (December 2025) 54")
![Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for December 2025 with Manifold Times through an exclusive arrangement: Bunker Fuel Demand China's daily bonded bunker fuel sales hit 8-month high in December China sold about 1.82 million mt of bonded bunker fuel in December 2025, with the daily sales at 58,565 mt, an eight-month high since April 2025, JLC's data shows. The daily sales in December increased by 5.29% month on month and 14.09% year on year. The container shipping market performed well amid growing replenishment at the end of the year, and the dry bulk shipping market was relatively prosperous. Meanwhile, some enterprises made efforts to achieve their annual sales targets, which also bolstered bunkering demand. Regarding the sales by supplier, the sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) respectively settled at 490,000 mt, 580,000 mt, 50,000 mt and 10,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 685,500 mt. China's LSFO output plunges to 12-month low in December China's low-sulfur fuel oil (LSFO) output plunged to a 12-month low in December, because of tight export quotas. Chinese refiners produced 817,000 mt of LSFO in the month, with the daily output at 26,355 mt, a slump of 20.46% month on month, JLC's data shows. Specifically, most refineries under Sinopec reduced LSFO production amid quota tightness. Though Qingdao Petrochemical lowered its output as well, its output was still relatively high. Shengli Oilfield maintained largely stable daily LSFO output. PetroChina's LSFO output plunged in the month, dampened by tight quotas. Liaohe Petrochemical slashed its output, and most of the other refineries decelerated their production. By contrast, Dalian WEPEC recorded an output increase, as the refinery restarted its hydrotreating unit after maintenance. CNOOC's LSFO output dropped as well, with Zhoushan Petrochemical and Huizhou Refinery lowering their output. However, Zhongjie Petrochemical maintained largely stable production, and T aizhou Petrochemical had not resumed production yet. ZPC and Sinochem did not produce any LSFO in December, and the latter did not export any LSFO due to unit maintenance. On a year-on-year comparison, however, China's LSFO output surged by 115% in December, JLC's data indicates. The upsurge could be mainly ascribed to a low base in December 2024. China's LSFO output totaled 12.59 million mt in 2025, decreasing by 3.13% year on year, with the daily output down by 2.87% to 34,501 mt, JLC's data shows. Different declines were due to one more day in February 2024 than in February 2025. China has released its first batch of 2026 quotas on LSFO exports, keeping it flat at 8.0 million mt, with 3.72 million mt for Sinopec, 3.06 million mt for PetroChina, 1.16 million mt for CNOOC, 60,000 mt for Sinochem, industry sources said. Domestic-trade heavy bunker fuel demand stable in December Domestic-trade heavy bunker fuel demand was stable month on month in December. The demand settled at 350,000 mt in the month, unchanged from the prior month, JLC's data shows. On the one hand, demand for restocking grew moderately before the New Year's Day holiday. But on the other hand, continuous falls in freight rates dampened market sentiment and limited shipowners' buying interest. Most of the bunker fuel was supplied to regular customers, and only a few orders were newly signed. Domestic-trade light bunker fuel demand settled at 150,000 mt in the month, a decline of 10,000 mt or 6.25% month on month, the data indicates. Marine gas oil (MGO) demand became seasonally lukewarm. Bunker Fuel Supply China's bonded bunker fuel imports surge to year's new high in November China's bonded bunker fuel imports surged to the year's new high in November, with high-sulfur fuel oil (HSFO) arrivals increasing obviously. Chinese bunker suppliers imported 806,000 mt of bonded bunker fuel in the month, an upsurge of 55.36% from the prior month, JLC's calculations show, based on the GACC data. Bonded distributors increased their HSFO imports as the economic benefit of HSFO bunkering was relatively high. Meanwhile, some top distributors were making attempts to boost their bonded bunker fuel sales by the end of the year, which also led to a rise in bonded HSFO imports. In order to guarantee normal bunkering, bunker suppliers continued to import bonded LSFO in November when domestic production dropped amid tight export quotas. Bonded MGO imports were largely stable in the month. Regarding the bonded bunker fuel imports by supplier, Singapore returned to the first place by exporting 309,800 mt of bonded bunker fuel to China, accounting for 38.44% of China's imports. Malaysia ranked second with 248,700 mt, accounting for 30.85%. Russia ranked third with 128,900 mt, accounting for 15.99%, while South Korea slipped to the fourth place with 118,600 mt, accounting for 14.72%. On a year-on-year comparison, however, China's bonded bunker fuel imports dropped by 11.93% in November, calculations show. Domestic-trade heavy bunker fuel supply tightens in December Domestic-trade heavy bunker fuel supply tightened in December, as low-sulfur residual oil supply plunged amid slower transportation. Meanwhile, blenders' production enthusiasm was limited by insufficient supply of consumption-tax-included resources. Chinese blenders supplied about 340,000 mt of domestic-trade heavy bunker fuel in the month, a cut of 20,000 mt or 5.56% from the prior month, JLC's data shows. Domestic-trade MGO supply settled at 180,000 mt in December, without changes month on month, the data shows. Despite weaker demand, MGO supply was still relatively high, underpinned by widening production margins. Bunker Prices, Profits Editor Yvette Luo +86-020-38834382 yvetteluo@jlcint.com Sales (Beijing) Tony Tang +86-10-84428863 tonytang@jlcint.com Sales (Singapore) Ginny Teo +65-31571254 ginnyteo@jlcint.com service@jlcint.com 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 (September 2025) Related: JLC China Bunker Fuel Market Monthly Report (July 2025) Related: JLC China Bunker Fuel Market Monthly Report (June 2025) Related: JLC China Bunker Fuel Market Monthly Report (May 2025) Related: [Updated 15 May] JLC China Bunker Market Monthly Report (April 2025) Related: JLC China Bunker Market Monthly Report (February 2025) Related: JLC China Bunker Fuel Market Monthly Report (January 2025) 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 JLC China Bunker Market Monthly Report (December 2025)](https://www.manifoldtimes.com/wp-content/uploads/2026/01/20-2-80x80.jpg "JLC China Bunker Market Monthly Report (December 2025) 55")
China sold about 1.82 million mt of bonded bunker fuel in December 2025, with the daily sales at 58,565 mt, an eight-month high since April 2025,...
