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AlwaysFree: China Fuel Oil Export Up 29.2% Year-On-Year

Author: SSESSMENTS

China fuel oil export in May up by 29.2% in year-on-year comparison to 1.14 million metric tons, but lower by 22% compared to April level.  All the exported fuel was under the bonded trade route, as the volume was supplied as bonded bunker fuel located in China ports for vessel operating in international routes. For January-May, bonded trade route fuel oil exports totalled at 5.2 million metric tons, rose 29.8% year-on-year. 

China’s is currently developing bunkering hub in Zhejiang Free Trade Zone, Zhoushan city, as bonded bunker supply volume increased to 1.7 million metric tons, or by 12.6% year-on-year in the first five months, and the country imported 1.56 million metric tons of fuel oil in May, a hike 14.4% year-on-year. The imports including a 4,689 metric tons under general trade route allocated to the domestic market, while the rest were allocated under the bonded trade route meant for cargo re-export market or the bonded bunkering.

Between the months of January-May, China’s fuel oil imports sinking by 13.6% year-on-year to 6.28 million metric tons, dragging the country’s net fuel oil imports to drop 66.9% year-on-year to 1.08 million metric tons, the customs data showed. The country has consequently lifted low-sulfur oil supplies from domestic producers to put at bonded bunkering located in its ports since the month of February. In the first five months of 2020, the country produces approximately 2.12 million metric tons of LSFO bunker fuel, while on the same period the last year only produced 10,000 metric tons.

Tags: All Products,AlwaysFree,Asia Pacific,China,English,NEA

Published on July 1, 2020 4:39 AM (GMT+8)
Last Updated on July 1, 2020 4:39 AM (GMT+8)