The port of Qingdao hopes to grow its bunker market share this year. File Image / Pixabay
The Port of Qingdao has celebrated its first bunkering of a large vessel as increasing as China hopes to win greater bunker market share with increased domestic production of very low sulfur fuel oil (VLSFO).
Sinopec bunkered the VLCC New Vista with 1,600 mt of VLSFO at Qingdao on 11 May, the port authority said this week.
"It is Qingdao Port's first bunkering order for a VLCC in the outer anchorage area, and establishes a precedent of the bunkering business at the outer anchorage," the port authority said.
China has applied a long-awaited rebate on value added tax on fuel oil from February this year, incentivising its domestic refiners to produce VLSFO in large quantities.