World News
IBIA CONVENTION 2025: South Korea to Get More Biofuel Volume for Bunkering Next Year
South Korea may see more biofuel volume available for bunkering from next year, delegates at the IBIA Annual Convention 2025 in Hong Kong heard on Thursday.
Three refineries are blending UCO with conventional marine fuel in the country, with volume being supplied to the western and southern parts of South Korea, according to a panel discussion at the industry event that included local and regional supply players.
"From next year onwards, there could be more volume for the biofuel bunker market," a panelist said, who was speaking under Chatham house rules, allowing his comments to be reported but not attributed by name.
He added that one refinery has started producing B30-HSFO, but noted that volume had decreased, with about 30,000 mt of B30 product made available.
The panelist also said some sellers are looking to enter the local market by supplying B100.
He thinks this could boost biofuel bunker supply in the country.
In April, South Korean refiner SK Incheon Petrochem started supplying B30 marine biofuel in the country. Despite this, sources previously told Ship & Bunker that uptake of biofuel in South Korea has been limited.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 466.00 | 1.00 | 763.00 | 20.00 |
| Rotterdam | 425.50 | 9.00 | 741.00 | 1.00 |
| Houston | 436.00 | 0.50 | 732.50 | 6.50 |
| Fujairah | 459.50 | 4.50 | 751.00 | 4.50 |
| Global 20 Ports Average | 490.00 | 3.00 | 821.50 | 17.50 |
| Global 4 Ports Average | 447.00 | 2.50 | 747.00 | 7.50 |
| Global Average Bunker Price | 537.00 | 2.50 | 842.50 | 9.00 |
Popular Now More
-
Nov 20The government is preparing to set up the new rule, and has already distributed some funds to barge owners to subsidise the investment in new equipment. -
Nov 19The shipping and bunkering industries are engaged in soul-searching over what can be salvaged from global decarbonisation efforts after last month's decision to delay. -
Nov 13"The allegations concerning the former owner are entirely unrelated to Oilmar's activities," the company tells Ship & Bunker.