The Port of Rotterdam Authority announced that the total sales volumes of bunker fuel oil at the port in the quarter to March 2024 were at 2.16mil mt, declining by 452,482 mt from the quarter to March 2023 but rising by 87,259mt from the previous quarter to December 2023. Biofuel sales reached 262,634 mt, gaining 113,428 mt and 29,526 mt from the quarter to March 2023 and the quarter to December 2023, respectively. The biofuel sales volumes accounted for 10% of the total sales.

By fuel types, HSFO sales were at 818,028mt, rising by 8,157 mt year-over-year and 174,810 mt from the previous quarter.　HSFO with bio-blended 30% maximum were at 42,761 mt, rising by 32,135 mt year on year and rising by 33,056 mt from the previous quarter.

VLSFO with sulfur content of less than 0.5% were at 680,782 mt, both dropping by 303,252 mt from the same quarter of last year and 791 mt from the previous quarter. VLSFO with bio-blended 30% maximum were at 174,301 mt, climbing by 48,319 mt from year-over-year but falling by 11,008 mt from the quarter to December 2023.

Following heightening geopolitical risks in the Red Sea/Suez Canal since the end of December 2023, more ships traveling between Asia and Europe had taken routes via the Cape of Good Hope in South Africa. Additionally, an increase in the number of vessels with scrubbers had led to a rise in HSFO procurement, as the prices were lower than VLSFO. Market participants indicated that container vessels and car carriers had avoided slow-steaming voyages, which also contributed to the increase in procurement volumes. Moreover, the implementation of EU-ETS, the EU Carbon Emission Trading System, on the maritime industry from January 2024, which aimed at reducing GHG emissions (only CO2 until 2025), had strengthened the demand for bio-bunkers.

LNG bunker sales, based on metric-ton calculations, increased significantly to 96,861 mt, rising 58,122 mt year-over-year and increasing by 29,841 mt from the previous quarter. An attractive price for LNG caused a rise in LNG bunker procurement by LNG-fueled vessels. The gain in LNG bunker sales also stemmed from the import of LNG from the Middle East including Qatar and the US, replacing Russian pipeline natural gas. This movement was contributing to more LNG carrier port calls and robust LNG bunker sales.

Vessels on European routes that could be chartered out at high freight rates were expected to increase in procurement of bio-bunkers and LNG bunkers due to strengthened environmental regulations such as GHG emissions monitoring, sources added.