Singapore — China exported 1.14 million mt of fuel oil in May, up 29.2% year on year but down 22% from April, data from General Administration of Customs showed on June 29.
All the fuel oil was exported under the bonded trade route, which means the volume was supplied as bonded bunker fuel at Chinese ports for vessels plying international routes.
For the January-May period, fuel oil exports, all under bonded trade route, totaled 5.2 million mt, up 29.8% year on year, customs data showed.
In Zhoushan city, China's developing bunkering hub in Zhejiang Free Trade Zone, bonded bunker supply volume rose 12.6% year on year to 1.7 million mt in the first five months, S&P Global Platts previously reported.
Meanwhile, China imported 1.56 million mt of fuel oil in May, up 14.4% year on year.
The imports included 4,689 mt under general trade route, which flowed into the domestic market, while the rest were under the bonded trade route meant for the bonded bunkering or cargo re-export market.
Over January-May, China's fuel oil imports fell 13.6% year on year to 6.28 million mt, leading the country's net fuel oil imports to drop 66.9% year on year to 1.08 million mt, the customs data showed.
China has significantly lifted low sulfur fuel oil supplies from domestic producers for bonded bunkering at its ports since February.
In the first five months, China produced about 2.12 million mt of LSFO bunker fuel, local information provider JLC said. In the same period last year, China had produced 10,000 mt, market sources said.
China's fuel oil imports, exports ('000 mt)
Source: General Administration of Customs