China increased its bonded bunker fuel imports in March as freight rates for imported cargoes declined and HSFO demand improved in Zhoushan, market intelligence provider JLC reported.

PHOTO: Aerial view of Zhoushan City, Zhejiang Province. Getty Images

China’s bonded bunker fuel imports stood at 383,000 mt in March, a significant 72% increase from the previous month and a massive 118% increase compared to the same period last year, JLC reported citing data from China’s General Administration of Customs (GACC).

The surge in March's bunker fuel imports was driven by strong HSFO bunkering demand in the Chinese bunkering hub - Zhoushan. The country did not import any bonded VLSFO amid robust domestic VLSFO production, JLC claims.

Malaysia became China's biggest bonded bunker fuel supplier in March by shipping 179,600 mt of bonded bunker fuel. It accounted for about 47% of the country's total imports, followed by Russia (42%), with 162,600 mt of bonded bunker fuel shipped to China.

China mainly imports HSFO and MGO for its bonded bunker fuel market, according to JLC. Its total bonded bunker fuel imports in the first quarter of this year were about 965,000 mt, noting a massive surge of 53% year-on-year.

By Aparupa Mazumder 

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