- China becoming the world’s fastest-growing major marine fuel hub
- emerges as Singapore’s greatest competitor in the high-stakes global bunker industry
China reshapes global shipping fuel markets becomes the world’s fastest-growing major marine fuel hub says an article on Oil Price.
Fastest-growing fuel hub
Beijing over the past few years is helping China reshape global shipping fuel markets and undercut rivals from Singapore to South Korea by becoming the world’s fastest-growing major marine fuel hub. China has emerged as Singapore’s greatest competitor in the high-stakes global bunker industry after marine fuel sales by the Middle Kingdom almost doubled over the past five years.
Low bunker prices
China is now luring ships that travel to nearby ports in major economies such as South Korea and Japan, thanks to low bunker prices and a massive ramp-up in its marine fuel refining capacity. Tax changes made last year have underpinned a ramp-up in production and helped China to greatly lower bunker prices and draw demand away from Singapore and other bunkering hubs in ports across the region.
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Source: Oil Price
