China’s exports of marine fuel oil fell 32 percent in March 2024 from the same month a year earlier, reaching 1.32 million metric tons, according to recent data from the General Administration of Customs.
The exports are primarily driven by sales from bonded storage for vessels operating on international routes. The March 2024 volume was 12 percent higher than the 1.17 million tons shipped out in February 2024.
Industry sources attributed the stronger export volumes to lower bunker prices at key Chinese ports like Zhoushan and Shanghai, compared to prices at the regional hub of Singapore in March 2024, which drew some additional demand.
For the first quarter of 2024, export volumes for bunkering totaled 4.16 million tons, a decline of 11.9 percent compared to the same period in 2023.
In March 2024, import volumes stood at 1.98 million tons, down 19 percent from the same month a year earlier. The import volumes included purchases under ordinary trade, subject to import duty and consumption tax, as well as imports into bonded storage.
First quarter 2024 fuel oil imports totaled 5.57 million tons, an increase of 3.3 percent compared to the first quarter of 2023, despite easing demand for refining feedstock amid suppressed refining margins.
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