Prices for VLSFO with a bio-mix of a maximum of 30% in Rotterdam were at $681.00-684.00/mt and a bio-mix of maximum of 24% in Singapore were at　$656.00-$659.00/mt, both dropping from the previous week, reflecting the current downward trend in crude oil prices. Deals were reportedly done at a premium of $199-202/mt to FOB Rotterdam Barges 0.5％S fuel oil paper swap values and at a premium of $119-122/mt to Singapore 0.5%S fuel oil paper swap values. In the EU Emissions Trading System (EUA), CO2 futures prices were hovering in the high-Euro 67's/mt as of Oct 29.

Ahead of implementation of FuelEU Maritime, demand for B30-HSFO was brisk in North-east European ports such as Rotterdam. Decarbonization in the marine fuel sectors was starting and many sellers reduced their stocks of conventional bunker fuels and increased their inventories of bio-bunker. As a result, HSFO prices rose significantly, with B30-HSFO prices also staying high in certain ports.

Amid ample supply of Used cooking oil (UCO), the price was capped. There was active transshipment of UCO from China through the UK into Europe until around July 2024. The UK had allowed the procurement of cheap UCO through the summer, as it was not subject to the anti-dumping tariffs imposed by the European Parliament. However, since August, the UK has expanded its anti-dumping investigations to include biodiesel imports from China, excluding SAF. Consequently, some European buyers tried to avoid Chinese imports and increased their procurement of relatively expensive cargoes from Malaysia and Indonesia starting from October.

In Europe, the implementation of biofuels and renewable fuels for transport usage was being promoted as part of the Renewable Energy Directive (RED III), targeting a minimum increase to 42.5% by 2030, with the aim to reach 45% eventually. The aviation, maritime, and road transport sectors aimed to reduce greenhouse gas emissions by 14.5%, or reach a 29% share of renewable energy use across these segments. Hence, production of HVO was expected to rise in France, Germany, Spain, and Italy after 2025, with a strong outlook for increasing demand for UCO. As a result, efforts to promote e-fuels and HVO are gaining traction, while EV adoption lags. With EV infrastructure still insufficient in Europe, automakers in countries like Germany were inclined to continue selling vehicles with internal combustion engines similar to gasoline models.

Indications for gray ammonia bunker fuel were at $425.00-$445.00/mt in Rotterdam and $450.00-$470.00/mt in Singapore. Green ammonia bunker fuel indications were quoted at around $1,610.00-$1,630.00/mt in Rotterdam and $1,670.00-$1,690.00/mt in Singapore. For gray methanol bunker fuel, indications were said to be at $390.00-$410.00/mt in Rotterdam and $350.00-$370.00/mt in Singapore, while green methanol bunker fuel was expected to be at around $1,580.00-$1,600.00/mt in Rotterdam and $1,500.00-$1,520.00/mt in Singapore.

SINOPEC Fuel Oil Sales Co., Ltd. recently announced that it supplied about 938 tons of methanol fuel to the Maersk container vessel Maersk Halifax at the Zhoushan Xinya Shipyard. As well as UCO, China has a potential of significant methanol production capacity, which is expected to enable affordable methanol supply in the future. The FOB China green methanol price was reportedly at around $1,200/mt.