China’s bonded bunker fuel imports surged in November - JLC

China's bonded bunker fuel imports soared in November, reaching their highest level in 44 months, according to market intelligence provider JLC.

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China's bonded bunker fuel imports rose from 675,400 mt in October to 915,200 mt in November, reaching their highest level since March 2021, according to JLC, citing data from China's General Administration of Customs (GACC).

Tightness in domestic VLSFO supply coupled with insufficient export quotas led to the surge in bunker imports, JLC said. Domestic refiners continued to reduce VLSFO output due to a shortage of export quotas, forcing bunker supplies to increase imports to meet demand.

While VLSFO imports grew, imports of HSFO and MGO remained “basically stable” in November.

Malaysia (51%) was China's largest bonded bunker fuel supplier in November, shipping 472,200 mt, followed by Singapore (28%) with 262,100 mt and South Korea (12%) with 112,000 mt.

In the first eleven months of this year, China's total bonded bunker fuel imports reached approximately 4.95 million mt, up about 23% compared to the same period last year.

By Tuhin Roy

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