Summary：
China bunker fuel market continued steady growth in 2011, with bonded bunker consumption likely to surpass 10-mil mt in the year. A highlight of the domestic bonded bunker market is the possible release of more bonded bunker business licenses and the arrival of new players. Additionally, Sinopec Fuel Oil and BP Singapore set up global bunkering business together and this has attracted attentions of market players. Sinopec also witnessed outstanding performance in 2011 which will drastically change the market structure.
Under this backdrop, China bunker fuel prices are gradually approaching international levels. In fact, China bunker prices were even lower than that of Singapore at times. This attracted demand from neighboring Japan, South Korea and Singapore, which consequently caused changes in the Asian bunker fuel market. “C1 Annual Report on China Bunker Market (2011)” will fully report to you the current China bunker market, forecast market trends for the next few years and explore market opportunities.
Features：
1. China bunker supply and demand conditions in 2011 and the past five years, including data and analysis for internal-trade and bonded bunkers, bunker fuel oil and bunker gasoil
2. Forecasts on China bonded bunker and internal-trade bunker markets for the next five years, including demand, supply, imports and exports
3. Margins for internal-trade and bonded bunkers, price spread between China and competing regions/countries, bunker fuel blending market and margin analysis
4. Overall performance of domestic ports in 2011, top ten ports in cargo throughput for foreign trade and top ten ports in container throughput
5. Hot issues in the China bunker fuel market in 2011, e.g. “China to offer more bonded bunker business licenses in 2011”, “East China bonded bunker prices lower than that of Singapore for the first time”
6. Major bunker fuel players in China and distribution of their infrastructures
Hot issues:
1. Five domestic companies have applied for bonded bunker license. Will they gain approval?
2. Will China continue to deregulate the bonded bunker market? What will be the entry requirements?
3. East China bonded bunker prices were seen lower than those in Singapore for the first time in April 2011. Is this a long-term trend or a temporary phenomenon?
4. Has China’s bonded bunker demand increased after the Japanese earthquake?
Table of Contents
1. REVIEW OF CHINA'S BUNKER FUEL MARKET 2
1.1 Bunker Fuel Demand 2
1.1.1 China's Bunker Fuel Consumption in 2011 2
Table: China's Bunker Fuel Consumption in 2011 2
Chart: China's Bunker Fuel Consumption by Region in 2011 3
Chart: China’s Bonded Bunker Fuel Consumption by Region in 2011 3
Chart: China’s Bunker Fuel Consumption for Internal Trade by Region in 2011 3
Chart: China's Top Ten Ports in Bunker Fuel Consumption 4
1.1.2 China's Port Cargo Throughput for Foreign Trade and Bonded Bunker Fuel Demand in 2011 5
Chart: Port Cargo Throughput vs. Demand for Bonded Bunker Fuel - by Port (2011) 5
1.1.3 China's Bunker Fuel Consumption in 2007-2011 6
Chart: China's Bunker Fuel Apparent Consumption & Port Cargo Throughput (2007-2011) 6
1.2 Bunker Fuel Supply 7
1.2.1 Overview 7
1.2.2 Bunker Fuel Imports 8
1.2.2.1 China's Bunker Fuel Imports in 2011 8
Chart: China’s Bunker Fuel Oil Imports by Source (2011) 8
Chart: Mainland China’s Bunker Gasoil Imports by Source (2011) 9
Chart: China’s Bonded Bunker Fuel Oil Imports by Customs (2011) 9
Chart: China’s Bonded Bunker Gasoil Imports by Customs (2011) 10
1.2.2.2 China's Bunker Fuel Imports in 2007-2011 11
Chart: China's Bunker Fuel Import Trend (2007-2011) 11
1.2.3 Bunker Fuel Consumption Composition, Imported vs. Domestic 12
Chart: Supply of Bunker Fuel Oil & Gasoil: Imported vs. Domestic 12
1.2.4 Bunker Fuel Transfer 13
Chart: Bunker Fuel Flow in China (Total/Bonded/Internal Trade) 13
1.2.5 Sub-Standard Bunker Fuel & Smuggled Bunker Fuel 14
2. CHINA'S BUNKER FUEL MARKET OUTLOOK 16
2.1 Demand Forecast for 2012-2016 16
2.1.1 Overall Demand Forecast 16
Chart: China’s Bunker Fuel Demand Forecast (2012-2016) 16
2.1.2 Bonded Bunker Demand Forecast 17
Chart: China’s Bonded Bunker Demand Forecast (2012-2016) 17
Chart: China’s Bonded Bunker Fuel Oil Demand Forecast (2012-2016) 18
Chart: China’s Bonded Bunker Gasoil Demand Forecast (2012-2016) 18
2.1.3 Forecast of Bunker Demand for Internal Trade 19
Chart: China’s Bunker Fuel Demand from Internal Trade (2012-2016) 19
Chart: China’s Bunker Fuel Oil Demand from Internal Trade (2012-2016) 20
Chart: China’s Bunker Gasoil Demand from Internal Trade (2012-2016) 20
2.2 Forecast of Bunker Fuel Supply in 2012-2016 21
2.2.1 Forecast of Bunker Fuel Supply for Internal Trade 21
Chart: Forecast of Internal-Trade Bunker Fuel Supply (2012-2016) 21
2.2.2 Forecast of Imported Bunker Fuel Supply 22
Chart: Forecast of Imported Bunker Fuel Supply (2012-2016) 22
3. BUNKER FUEL PRICES AND MARGINS 24
3.1 Bunker Fuel for Internal Trade 24
3.1.1 Prices of Bunker Fuel for Internal Trade 24
Chart: Prices in China’s Inner-Trade Bunker Market (2011) 24
3.1.2 Price Comparison by Region 25
Chart: Price Comparison: Bunker 180CST Fuel Oil for Internal Trade in Qinhuangdao, Shanghai & Guangzhou 25
3.1.3 Margins on Bunker Fuel Sales for Internal Trade 26
Chart: Margins on Bunker 180CST Fuel Oil Sales for Internal Trade in 2011 26
3.2 Bonded Bunker Fuel Market 27
3.2.1 Bonded Bunker Fuel Prices 27
Chart: Bonded Bunker 380CST Fuel Oil Price Comparison: Bohai Bay, PRD vs. YRD (2011) 27
3.2.2 Price Comparison: China vs. Neighbouring Areas 28
Chart: Price Comparison: Bunker Fuel in Mainland China, Japan, South Korea, Hong Kong, & Singapore in 2011 28
3.2.3 Margins on Bonded Bunker Fuel Sales 28
Chart: Margins of Bonded 380CST Bunker Fuel Oil in 2011 28
3.3 Bunker Fuel Prices vs. Freight Rate Index 29
Chart: Price Comparison: Bunker 180CST FO for Internal Trade vs. Freight Rate Index of Bulk Cargo 29
Chart: Price Comparison: China’s Bonded Bunker Fuel vs. Baltic Freight Index 30
4. BUNKER FUEL BLENDING MARKET 32
4.1 Bunker Fuel Blending Market Overview 32
4.1.1 Bunker Fuel Blending in East China 32
4.1.2 Bunker Fuel Blending in South China 33
4.2 Margins for Bunker Fuel Blending 34
Chart: Bunker Fuel Oil Prices and Blendstock Costs in South China (2011) 34
Chart: Bunker Fuel Oil Prices and Blendstock Costs in East China (2011) 34
Chart: Bunker Fuel Oil Blending Margins in South China 35
Chart: Bunker Fuel Oil Blending Margins in East China 35
5. ACTIVE BUNKER FUEL PLAYERS IN CHINA 37
5.1 Bonded Bunker Fuel Players 37
Table: Major Bonded Bunker Fuel Players in China in 2011 37
5.1.1 Distribution of Bunker Supplying Sites 37
Map: Distribution of Major Bunker Supplying Sites in China 38
5.1.2 Sources of Bonded Bunker Supplies 40
5.2 Internal-Trade Bunker Fuel Players 41
Table: Major Internal-Trade Bunker Fuel Players in China in 2011 41
5.2.1 Distribution of Internal-Trade Bunker Supplying Sites 42
5.2.2 Sources of Internal-Trade Bunker Supplies 43
Map: Sources of Internal-Trade Bunker Supplies 43
6. THROUGHPUT OF MAJOR CHINESE PORTS 44
6.1 Port Throughput in 2011 44
6.2 China's Top Ten Ports in Cargo Throughput 45
Table: China's Top Ten Ports in Cargo Throughput (2011) 45
6.3 Top Ten Ports in Cargo Throughput for Foreign Trade 46
Table: China's Top Ten Ports in Cargo Throughput for Foreign Trade (2011) 46
6.4 China's Top Ten Ports in Container Throughput 47
Table: China's Top Ten Ports in Container Throughput (2011) 47
7. HOT ISSUES IN CHINA’S BUNKER FUEL MARKET 48
7.1 China to Offer More Bonded Bunker Business Licenses 48
7.2 East China Bunker Fuel Prices Frequently Lower than Singapore’s 49
7.3 Japanese Earthquake Damages Nuclear Power Plants, Bunker Refueling Suspended 50
7.4 Sinopec Fuel Oil, BP Singapore Set Up Global Bunkering Business 50
8. LOGISTICS AND INFRASTRUCTURE 50
8.1 Infrastructure Overview 51
Table: China's Major Bunker Tank Farms and Affiliated Jetties 51
8.2 Recently-Added Infrastructure 54
Table: Recently-Added Bunker Tank Farms and Jetties in China 54
9. FUEL OIL MARKET IN CHINA 56
9.1 Fuel Oil Demand & Supply in 2011 56
9.1.1 Fuel Oil Consumption 56
Table: China's Fuel Oil Apparent Consumption for 2011 56
Chart: Fuel Oil Apparent Consumption by Quarter in 2011 57
9.1.2 Net Imports 58
Chart: China’s Fuel Oil Net Imports by Quarter in 2011 58
Chart: Distribution of Fuel Oil Net Imports (2011) 58
9.1.3 New Driving Forces in Fuel Oil Exports……………………………58
9.2 Fuel Oil Demand & Supply over Past Five Years 59
Chart: Fuel Oil Consumption vs. GDP Elasticity (2007-2011) 59
9.3 Forecast of Fuel Oil Demand & Supply in 2012-2016 60
9.3.1 Fuel Oil Demand Forecast 60
Table: Fuel Oil Apparent Consumption in 2012 60
Chart: China’s Fuel Oil Apparent Consumption Forecast (2012-2016) 61
9.3.2 Fuel Oil Output Forecast 61
Chart: Fuel Oil Production Forecast (2012-2016) 61
9.4 Export Margins for Fuel Oil 62
Chart: Arbitrage Margin of Fuel Oil Exporting (2010-2011) 62
10. GASOIL MARKET IN CHINA 63
10.1 Gasoil Demand & Supply in 2011 63
10.1.1 Gasoil Consumption 63
Table: China's Gasoil Apparent Consumption for 2011 63
Chart: China’s Gasoil Apparent Consumption by Quarter (2010-2011) 64
10.1.2 Gasoil Output 65
Chart: China’s Gasoil Output by Quarter (2010-2011) 65
10.2 Gasoil Demand & Supply over Past Five Years 65
Chart: China's Gasoil Apparent Consumption & GDP Elasticity (2007-2011) 65
10.3 Forecast of Gasoil Demand & Supply in 2012-2016 66
10.3.1 Gasoil Demand Forecast 66
Chart: China's Gasoil Apparent Consumption Forecast (2012-2016) 66
10.3.2 Gasoil Output Forecast 67
Chart: China's Gasoil Output Forecast (2012-2016) 67
10.4 Import & Export Margins for Gasoil 67
Chart: Gasoil Import Margins in South China (2011) 67
11. ASIA BUNKER FUEL MARKETS 68
11.1 Singapore Bunker Fuel Market in 2011 68
11.2 Hong Kong Bunker Fuel Market in 2011 68
11.3 Japan, South Korea Bunker Fuel Markets in 2011 68
APPENDIX ：
A1. China's GDP Growth in 2007-2011 69
A2. China's Supply and Demand Balance Sheet for Main Petroleum Products in 2011 70
A3. China's Bonded Bunker Fuel Oil/Gasoil Sales in 2011 71
A4. Monthly Average Export Prices of Bonded Bunker in China (2011) 72
A5. China's Bunker Fuel Oil Exports - by Customs (2011) 73
A6. China's Bunker Gasoil Exports - by Customs (2011) 74
A7. China's Fuel Oil Imports by Source (2011) 75
A8. China's Fuel Oil Exports by Customs (2011) 76
A9. China's Gasoil Imports by Source (2011) 77
A10. China's Gasoil Exports by Destination (2011) 78
