China Adds to 2021 VLSFO Export Quotas

by Ship & Bunker News Team
Thursday November 11, 2021

China's authorities have expanded its refiners' VLSFO export quotas for the rest of the year.

Another 1 million mt of VLSFO can now be exported by CNPC, Sinopec and CNOOC for the remainder of 2021, news agency Reuters reported on Thursday, citing a market source. The addition leaves 2021's total at 12 million mt, up from 10 million mt in 2020.

China has set the aim of taking a growing share of the global bunker market since the IMO 2020 transition, adjusting its tax system to encourage domestic VLSFO production and give its own bunker ports a price advantage.

Bunker sales at Zhoushan jumped by 15% to 4.7 million mt last year, according to Ship & Bunker and BLUE Insight's quarterly market survey.

Ship & Bunker News Team
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