Bunker ports in Asia: how fast is China challenging the status quo?
China has the ambition to make Zhoushan rival Singapore as a key Asian bunker market. It has introduced tax rebates, opened-up to foreign oil companies, improved dispute resolution mechanisms and state-owned companies are providing credits to their refiners to produce more VLSFO. We will dive into the post-IMO landscape in Asia and review China’s progress in meeting its bunker ambitions. We will specifically focus on the following: • How has international bunker demand developed in the major Asian oil hubs in the post-IMO landscape? • How attractive is it for Chinese refiners to produce more VLSFO? • Using vessel-tracker data, how much demand exposure do other bunker markets have to China and Zhoushan? • Will Zhoushan growingly compete with other hubs for bunker-only calls? • Can Zhoushan meet its ambition to grow to 10 million ton of demand per annum by 2025 and how? • What challenges does Zhoushan face to rival Singapore?