Asia/Pacific News
Sinopec Zhoushan Supplying Bonded Bunker Fuel at Wenzhou
Chinese supplier Sinopec Zhejiang Zhoushan Petroleum Co. Ltd. (Sinopec Zhoushan) has begun supplying bonded bunker fuel to Wenzhou Port on China's Southeast coast, oil and gas markets news source C1 Energy reports.
Sinopec Zhoushan supplied 370 tonnes of high-sulfur fuel oil (HSFO) at about $30 per tonne more than 180cst fuel oil at the Ningbo-Zhoushan port, a source at the company told C1 Energy.
The higher price reflected the cost of shipping the fuel from Ningbo city, which is necessary because the company said it has not found sufficient demand in the local market to rent tanks at Wenzhou yet.
A market source said the higher price has made the bunker fuel at Wenzhou unattractive to container carriers.
Sinopec Zhoushan also supplies bonded bunkers at Ningbo, Zhoushan, Taizhou, and Jiaxing ports.
The Chinese government has been working on plans to open its bonded bunker markets to new companies, but a report in June said that progress was slow.
Sinopec Zhoushan is one of currently five bonded suppliers in China.
