Zhejiang FTZ sees steady growth of bunker fuel supply in first 4 months

A bunkering tanker refuels a ship at the China (Zhejiang) Pilot Free Trade Zone (FTZ) in Zhoushan, East China's Zhejiang province. [Photo/WeChat account: china-zjftz] 

The China (Zhejiang) Pilot Free Trade Zone (FTZ) in Zhoushan, East China's Zhejiang province, saw a steady growth of bunker fuel supply in the first four months of the year, despite a downturn in the global bunker fuel demand caused by tense world trade, and a subsequent decline in the Asian bunker fuel supply. 

Zhejiang FTZ supplied around 1.2 million metric tons of bunker fuel between January and April, up 17.14 percent year on year. Supplies in April alone reached 332,800 tons, up 31.5 percent from a year earlier.

However, statistics show that from January to March, Asia's bunkering hub Singapore supplied a total of 12.07 million tons of bunker fuel, down 6.3 percent year on year, and China's bonded bunker fuel supply also dropped by 11.8 percent. 

The growth of Zhejiang FTZ can be attributed to its trade facilitation policies that attract international ships to refuel there, as well as the lower oil price than other ports. 

In the first quarter of the year, Zhoushan's bunker fuel supply accounted for 37.78 percent of the nation's total.

Analysts note that the global bunker fuel supply market will remain bearish for a certain period to come.

Authorities of Zhejiang FTZ are thus working on enhancing the overall policy climate and improving its bunkering tankers to ensure a stable growth of bunker fuel supply.