According to data from by the Chinese customs, China exported 5.337 mil mt of bunker fuel oil in the first quarter of 2022, up 7.22% from the same period last year.

Sinopec Fuel Oil Sales Company and China Marine Bunker (PetroChina) Company are the main exporters. The two companies accounted for 84.95% of total exports.

For heavy bunker fuel oil, the export volume was 5.063 mil mt, equivalent to 94.86% of total exports. Of this, low sulfur fuel oil (LSFO) account for 95% and high sulfur fuel oil (HSFO) accounted for 5% of bunker fuel oil exports. The export volume for light marine gasoil (MGO) was 274,300mt, about 5.14% of total exports.

Since LSFO from Chinese refineries that is transported to tanks at the customs is considered exports, the figures from the Chinese customs are slightly higher than actual volumes sold by bonded warehouses. The increase in bunker fuel oil exports reflected the supply capability of bunker suppliers and steady domestic production.