Bunker oil Prices, markets & analysis
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Bunker oil Overview Transcript
Bunker oil includes bunker fuel oil and bunker gasoil. Over 85% of bunker oil consumption is bunker fuel oil. Fuel oil is also called heavy oil and comes from the refinery CDU or FCC units. It can also be a mixture of oil and other chemicals
Fuel oil is used in bunkering, power plants, glass industry and chemical fibre plants. It is also used as feedstock for deeper refining.
Gasoil is a light distillate mostly used for cars and industrial plants and a small part is used in China’s bunker market.
China is one of the biggest fuel oil consumers and importers of fuel oil in the global market but the volume is reducing due to demand slumps.
China’s bunker fuel oil market is though a booming market and this is due to steadily importing cargo exporting and importing and a gradually opening market.
The market is set to increase by 20% yearly in the next five years.
The internal trade bunker market is a stable, growing market also set to rise.
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Bunker oil: Market overview
The average price of 380cst bunker fuel oil in China declined in the first quarter of 2014, from $657/tonne in January to $644/tonne in March, down by $13/tonnes or 2%, ICIS C1 data showed.
The drop was attributed to increased bunker fuel supply after bonded bunker oil arrived into mainland China, while demand was sluggish around the Lunar New Year holiday between late January and early February. Suppliers tried to promote sales with price cuts.
There may be a moderate increase in demand in the second quarter of 2014, despite overall weak performance of the shipping industry.
Updated to mid-April 2014
News & analysis
Bunker oil news & analysis
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About Bunker oil
Bunker oils are technically any type of fuel used aboard ships, including marine fuels and marine distillate fuels.
Marine fuel oils are used to drive the main engine of large ships. They are black sticky residue left by crude oil distillation and usually distinguished by kinematic viscosity. 380cSt and 180cSt fuel oils are more common in all grades of marine fuel oil.
Marine distillate fuels are used by, for example, fishing boats, generators on large vessels and some engineering ships. Marine Gas Oils (MGO) and Marine Diesel Oils (MDO) are the most popular grade of marine distillate fuels.
Bunker oils are stored in tanks and delivered by bunker barges.
Bonded bunker oils refer to fuel which is exempt from tax and can only be sold to vessels plying international routes.