HSFO hits post-IMO 2020 record      

Med ECA lifts ULSFO demand

LNG demand sinks amid high gas prices

Changes in Rotterdam’s conventional fuel sales from the first to the second quarter of 2025:

• HSFO sales up by 85,000 mt to 915,000 mt
• VLSFO sales down by 110,000 mt to 679,000 mt
• MGO sales up by 15,000 mt to 408,000 mt
• ULSFO sales up by 39,000 mt to 226,000 mt
• LNG sales down by 29,000 mt to 90,000 mt
• Grey methanol sales unchanged at nil

A total of 2.32 million mt of conventional fuels were sold by suppliers in Rotterdam in the second quarter, according to Port of Rotterdam data. That was a slight 500 mt increase on the quarter.

HSFO sales continued to increase and recorded their highest level since at least 2020, when the International Maritime Organisation's (IMO) 0.50% sulphur cap kicked in. Demand has strenghtened as more scrubber-fitted ships have entered the global fleet to take advantage of the lower cost of HSFO.

Over 6,500 ships are scheduled to have scrubbers fitted by the end of 2025, up by nearly 500 from last year, according to DNV data.

ULSFO sales reached a four-year high and were up by 21% on the quarter - the biggest percentage increase among the fossil grades. More ships might have bunkered ULSFO before sailing into the Mediterranean Emission Control Area (ECA), which has had a 0.10% sulphur cap since May.

Demand for LSMGO - the other 0.10% sulphur fuel - was up by 4% on the quarter.

VLSFO and LNG sales were down on the quarter.

VLSFO sales recorded a 14% decrease and have been falling for four consecutive quarters. Shipowners with scrubbers seem to have increasingly opted for HSFO, while the Med ECA will have shifted some demand to ULSFO.

LNG sales fell by 24% and were at their lowest since the fourth quarter of 2023. High gas prices have favoured VLSFO and LSMGO over LNG for many dual-fuel shipowner, and a tiny portion of fossil LNG consumption looks to have been replaced by bio-LNG.

Fossil methanol has not featured in Rotterdam's sales since 2022.

By Samantha Shaji

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