China’s bonded bunker fuel imports grew in June as inventories in East China declined along with freight rates, market intelligence provider JLC reported, reports Engine.
Bunker fuel imports
China’s bonded bunker fuel imports stood at about 361,500 mt in June, up by nearly 17% from 310,000 mt imported in May, JLC reported citing data from China’s General Administration of Customs (GACC).
More HSFO and MGO imports contributed to the rise in China’s bonded bunker fuel imports in June, JLC reported. VLSFO imports were largely steady.
“Bonded bunker distributors in East China boosted their HSFO imports as their inventory pressure eased to some degree, in addition to lower freight rates,” it said.
Malaysia (28%) became China’s biggest bonded bunker fuel supplier in June by shipping 99,600 mt of bonded bunker fuel, followed by Iraq (23%) and Singapore (21%), which supplied 84,500 mt and 75,900 mt, respectively.
The country’s bonded VLSFO imports were “largely stable” in June, JLC said. Chinese refineries produced about 1.29 million mt of VLSFO in June, slightly down from 1.31 million mt in May, JLC had reported earlier.
The country’s bonded MGO imports rose slightly in June, JLC said. Overall, the country mostly imported HSFO and MGO in June.
However, on a year-on-year basis, Chinese bonded bunker fuel imports plunged by 20.27% in June, JLC’s data showed.
Its total bonded bunker fuel imports in the first six months of this year were about 1.98 million mt, an increase of 7% from the same period last year.
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Source: Engine
