Argus: pricing development. File image/Pixabay.
Price reporting agency Argus Media and the city authorities in Zhoushan, China are to work together on developing pricing for the port's bunkering hub.
In addition to posting high sulfur price assessments (in place since December), Argus said it will work on a bunker index for low sulfur fuel oil.
"We expect the Zhoushan bunker index to serve as a regional benchmark as Zhoushan grows in importance as a regional bunker hub," Argus Media chairman and chief executive Adrian Binks said.
Zhoushan, which lies within the Zhejiang free trade zone, has grown in recent years to become the biggest marine fuels hub in China.
In 2018, the Zhoushan bunker market saw 3.5 million metric tonnes in bunker fuel sales.
From the start of 2020, all ships must use 0.5% sulfur fuel oil unless they have the necessary emissions abatement equipment installed onboard ship.