China’s bonded bunker fuel sales rose in 2024 - JLC
China's bonded bunker fuel sales grew by around 2.2% in 2024 compared to the previous year, according to market intelligence provider JLC.
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China's bonded bunker fuel sales rose to 19.88 million mt in 2024, up from 19.45 million mt in 2023.
According to JLC, this increase was driven by detour of ships on some routes to China due to the Red Sea conflict and the strong resilience of the country's economy.
East China remained the leading bunkering region, accounting for 55% of total sales. Zhoushan-Ningbo Port sold approximately 7.26 million mt of bonded bunker fuel in 2024, reflecting a 3% year-on-year increase, according to the China (Zhejiang) Pilot Free Trade Zone Management Committee. Meanwhile, Shanghai Port recorded sales of 4.16 million mt, marking a 20.40% surge year-on-year and reaching an all-time high, JLC reported, citing data from the General Administration of Customs (GACC).
The Bohai Rim region accounted for 31% of China's total bonded bunker fuel sales in 2024, supported by growing barge capacity. Qingdao, Tianjin, Dalian and Rizhao were major bunkering ports in the region.
South China ranked third with 14% of total sales for the year, though competition from Hong Kong and Singapore impacted its sales. The largest bunkering ports in the region were Shenzhen, Guangzhou and Xiamen.
China currently has 37 licensed bonded bunker suppliers, comprising five national license holders and 32 regional license holders across Zhejiang, Shenzhen, Guangzhou, Hainan, Shanghai, Xiamen and Tianjin.
Suppliers with national licenses sold 13.87 million mt, representing 69.77% of total sales, while regional suppliers delivered 6.01 million mt, accounting for 30.23% of total sales.
The country's top three bonded bunker fuel suppliers were Sinopec Fuel Oil, Chimbusco, and PetroChina Fuel Oil, which sold 36%, 29% and 21% of the total volume, respectively.
By Tuhin Roy
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