Business

JLC China Bunker Market Monthly Report (January 2023)

China’s bonded bunker fuel sales dropped further in January, as shipping demand stayed relatively soft and shipowners remained cautious when global economy was still slow to recover.

Published

3 years ago

February 14, 2023

Admin

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

Bunker Fuel Demand

China’s bonded bunker fuel sales drop further in Jan

China’s bonded bunker fuel sales dropped further in January, as shipping demand stayed relatively soft and shipowners remained cautious when the global economy was still slow to recover. Meanwhile, some bunkering business at Chinese ports was halted during the Chinese New Year holiday, and the supply of bonded resources continued to tighten in northern regions.

The country tallied about 1.49 million mt of bonded bunker fuel sales in the month, a fall of 2.35% month on month, JLC’s data shows. The sales by Chimbusco rose to 560,000 mt, while those by China ChangJiang Bunker (Sinopec) and Sinopec Zhoushan dropped to 35,000 mt and 580,000 mt respectively. Meanwhile, SinoBunker sold 50,000 mt, stable month on month, and suppliers with regional licenses sold about 269,000 mt, down from 300,000 mt in December 2022.

China exported 1.20 million mt of bonded bunker fuel in the last month of 2022, a decline of 7.21% month on month and 13.42% year on year, with reference to data from the General Administration of Customs of PRC (GACC).

Among these, heavy bunker fuel exports were 1.13 million mt, accounting for 94.19%, while MGO exports were 69,800 mt, making up 5.81%.

The exports by suppliers with national licenses were 910,300 mt, accounting for 75.78% of the total exports, with Sinopec Fuel Oil, Chimbusco, SinoBunker and China ChangJiang Bunker (Sinopec) taking 404,000 mt, 444,900 mt, 49,800 mt and 11,600 mt respectively. At the same time, companies with regional licenses exported about 291,000 mt, making up 24.22%.

Chinese refiners cut their bonded bunker fuel exports, as demand in the shipping market remained weak when the negative impact of the epidemic lingered. Meanwhile, most refineries cut their LSFO production when they found fewer margins amid a fall in China’s bonded bunker fuel prices.

Given an outlook of recovering demand, China is expected to expand its bonded bunker fuel exports in 2023. Also, the country is likely to hike its LSFO production this year, making efforts to expand its bonded bunker fuel market.

Domestic bunker fuel demand continues to shrink in Jan

Domestic-trade bunker fuel demand continued to shrink in the first month of this year, mainly because of the public holiday for the Chinese New Year. The shipping capacity was not fully back online yet in late January, after the holiday.

Domestic demand for heavy bunker fuel shrank by 30,000 mt or 8.82% to 310,000 mt in January, and that for light bunker fuel decreased by 10,000 mt or 8.30% to 110,000 mt. Purchases for MGO were still based on rigid demand.

Meanwhile, domestic blenders kept their inventories low.

Bunker Fuel Supply

China’s bonded bunker fuel imports plunge in Dec 2022

China’s bonded bunker fuel imports plunged on month in December 2022, due to a decrease in Chinese buyers’ import interest coupled with a relatively high base in the previous month.

China tallied 414,300 mt of bonded bunker fuel imports in the month, tumbling by 34.24% month on month, JLC estimated, with reference to data from the General Administration of Customs of PRC

(GACC).

Malaysia still led all suppliers in December, exporting 288,400 mt of bonded bunker fuel to China, accounting for 70% of China’s total imports. Meanwhile, South Korea and Singapore ranked second and third with 80,690 mt and 39,000 mt, occupying 21% and 9% respectively.

Domestic buyers sharply reduced their bonded bunker fuel imports, amid relatively steep international bunker fuel prices and high freight rates. Prices of China’s bonded bunker fuel with the maximum sulfur content at 0.5% averaged $605/mt in the month, a drop of 11.68% from a month earlier, more significant than a fall of 9.20% in Singapore’s prices. Domestic bunker fuel prices were still relatively competitive than imported ones.

Also underlying the plunge in the imports was a relatively high level in November. Chinese buyers had hiked their bonded bunker fuel imports to a 12-month high in November, and they lacked enthusiasm to further expand imports in December, with the year-end drawing near.

On a year-on-year comparison, however, the imports gained 2.02% in December.

The country imported an accumulation of 5.11 million mt of bonded bunker fuel in 2022, plummeting by 38.88% year on year, accelerating from a slump of 30.91% in 2021. The plunge was mainly due to booming domestic LSFO production. China produced about 15.90 million mt of LSFO last year, soaring 41.90% year on year, JLC’s data indicates.

Domestic-trade blended bunker fuel supply extends drops in Jan

Domestic supply of blended heavy bunker fuel extended drops in January, as blendstock supply tightened and cargo transportation was not so smooth amid the Chinese New Year holiday. Chinese blenders supplied about 320,000 mt of heavy bunker fuel in the month, a contraction of 50,000 mt or 13.51% month on month, JLC’s data shows.

The supply of blended marine gas oil (MGO) showed a similar trend. Less diesel flowed into the bunker fuel market, because domestic bunker fuel demand was relatively soft. Blenders supplied about 140,000 mt of MGO in the month, diving by 30,000 mt or 17.65% from a month earlier.

Bunker Prices, Profits

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 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.

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: 14 February, 2023

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

9 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

9 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

9 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026