China’s bonded bunker fuel imports soared in 2024 - JLC

China's bonded bunker fuel imports surged by nearly 46% in 2024, according to market intelligence firm JLC.

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China's bonded bunker fuel imports reached 6.04 million mt in 2024, JLC reported, citing data from the General Administration of Customs (GACC).

In the first half of 2024, only a few bonded bunker fuel suppliers imported VLSFO, as others focused on importing HSFO. However, domestic VLSFO supply tightened significantly in the second half of the year, prompting bonded bunker fuel suppliers to increase VLSFO imports to meet demand.

In December alone, bonded bunker fuel imports exceeded 1 million mt, reaching a four-year high as domestic VLSFO output plummeted amid quota shortages. The imports for the month totalled 1.09 million mt, up nearly 20% from the previous month and 247% year on year, JLC reported.

Singapore was China's largest bonded bunker fuel supplier in 2024, providing 550,700 mt (50%), followed by Malaysia with 351,200 mt (32%), Iraq with 182,500 mt (17%), and South Korea with 10,000 mt (1%).

Meanwhile, China's bonded bunker fuel exports dropped 9.47% year on year, primarily due to tight domestic supply.

By Tuhin Roy

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