China aims to build Zhoushan, an archipelago town in eastern China’s Zhejiang province, into a regional hub for ship fuel to rival Singapore as the world’s largest shipping center or bunker.
Sales of marine fuel from the Chinese port of Zhoushan, the country’s leading supplier of ship fuel, in the first nine months of 2020 increased by nearly 18% from the previous year. Zhoushan supplied 3.26 million tons of marine fuel from January to September, the official said, refusing to be identified as he is not a spokesperson.
But marine fuel demand took a hit during the first half of 2020 due to the coronavirus pandemic, recovering in the third quarter in part due to the more competitive prices offered in Zhoushan.
Zhoushan’s supplies, mostly ultra-low sulfur fuel oil (VLSFO) that meet the International Maritime Organization’s emission standards, were on par with competing supplies to Singapore and $ 15-20 per ton below. of South Korea.
Chinese refineries began supplying VLSFO, with a sulfur content limited to 0.5%, to the marine fuel market along the country’s coast in January after Beijing offered tax incentives to increase local production. VSLFO exports in August increased to 1.62 million tons, the highest this year, Chinese customs data showed last month.
China’s oil refineries produced over …..
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