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Japan's Nov bonded bunker fuel sales jump 14% on year to 2.56 mil barrels
Japan sold 406,430 kiloliters or 2.56 million barrels of bonded bunker fuel in November, up 14.1% year on year, data released Monday by the Ministry of Economy, Trade and Industry showed.
The sales exceeded the 400,000-kl mark for the first time since January 2011, where sales hit 417,333 kl, according to the data.
Demand in the month was strong because prices in the country were lower than South Korea and China, which led many vessels to turn to Japan for bunker fuel supply, industry sources said.
Japan's bunker fuel prices are typically higher than South Korea and Shanghai. But, tight supply in South Korea and China during November resulted in prices surging above levels in Japan, market sources said.
Japan 380 CST bunker prices averaged $634.20/mt in November, while that of South Korea averaged $643.36/mt, according to Platts data. Shanghai 380 CST bunker prices averaged $637.64/mt.
November sales in Japan were 14.8% higher than October's 2.23 million barrels (354,097 kl).
Sales of bonded marine diesel oil in Japan stood at 40,173 barrels (6,387 kl) in November, up 19.8% year on year and up 40.7% from October, the data showed.
Bonded bunker fuel is exempt from tax and can be sold only to ships plying international routes.
Source: Platts
The sales exceeded the 400,000-kl mark for the first time since January 2011, where sales hit 417,333 kl, according to the data.
Demand in the month was strong because prices in the country were lower than South Korea and China, which led many vessels to turn to Japan for bunker fuel supply, industry sources said.
Japan's bunker fuel prices are typically higher than South Korea and Shanghai. But, tight supply in South Korea and China during November resulted in prices surging above levels in Japan, market sources said.
Japan 380 CST bunker prices averaged $634.20/mt in November, while that of South Korea averaged $643.36/mt, according to Platts data. Shanghai 380 CST bunker prices averaged $637.64/mt.
November sales in Japan were 14.8% higher than October's 2.23 million barrels (354,097 kl).
Sales of bonded marine diesel oil in Japan stood at 40,173 barrels (6,387 kl) in November, up 19.8% year on year and up 40.7% from October, the data showed.
Bonded bunker fuel is exempt from tax and can be sold only to ships plying international routes.
Source: Platts
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