Zhoushan Hits New Heights: Bonded Bunker Sales Reach 7.26M Tonnes in 2024

Zhoushan | January 15, 2025 – The 2024 fiscal year has cemented Zhoushan’s position as a global maritime and bunker supply powerhouse, with the port officially securing its rank as the world’s fourth-largest bunkering hub. Amidst a volatile year for global shipping, Zhoushan’s bonded bunker sector demonstrated remarkable resilience, driven by a combination of aggressive infrastructure expansion and a strategic pricing advantage that continues to lure traffic away from traditional regional competitors.

Total bonded bunker sales in Zhoushan reached 7.26 million metric tonnes (mt) in 2024, a 3.1% year-on-year increase from the 7.04 million mt recorded in 2023. This growth occurred even as other global hubs faced stagnation, highlighting the structural shift of maritime energy demand toward the Yangtze River Delta.

Monthly Dynamics: Record-Breaking Year-End Momentum

Zhoushan’s 2024 performance was characterized by a steady mid-year climb culminating in a historic fourth quarter. December 2024 set a new benchmark for the port, with monthly volumes touching 714,751 mt, a staggering 42.8% surge compared to December 2023.

This “December Surge” was primarily fueled by the depletion of annual bonded fuel export quotas. As suppliers rushed to utilize remaining allocations, aggressive pricing and high availability transformed Zhoushan into the most competitive refueling point in the North Pacific for the year-end window.

The average price spread for VLSFO saw Zhoushan trading at a $3–$5/mt discount versus Singapore for significant portions of the year, a gap that widened further during the Q4 quota-clearance phase.

Infrastructure: Expanding the Outer Anchorage

The most significant operational breakthrough of 2024 was the expansion of the Tiaozhumen Anchorage. By increasing the number of priority bunkering berths from five to eight, the port successfully mitigated the congestion that had previously limited its daily throughput.

• Night Bunkering Trials: 2024 saw the successful implementation of 24-hour berthing and refueling operations at the outer anchorages, effectively “unlocking” hidden capacity.
• Large-Scale Stems: The port recorded 252 single operations exceeding 3,000 mt for international vessels, representing 13.5% of total annual volume. This indicates a growing trust from large-scale liner and VLCC operators.
• Mass Flow Meter (MFM) Standardization: The continued rollout and international certification of MFM systems across the “white-listed” fleet of 52 barges have brought Zhoushan’s transparency levels in line with Singaporean standards.

The “Green Zhoushan” Pivot: 2024 Foundations

While 2024 was a year of volume consolidation for conventional fuels, it served as the critical “pilot phase” for the port’s multi-fuel future.

1. Biofuels: Zhoushan secured approval as a national biodiesel promotion pilot area. Preparations began for a 1-million-mt annual capacity marine biofuel production and blending facility.
2. Methanol: The year marked the launch of the first “truck-to-ship” methanol refueling pilot, alongside the commencement of construction for the port’s first dedicated methanol bunkering barge.
3. LNG: The addition of a second licensed LNG bunkering entity enabled more regular offshore LNG refueling, preparing the port for the influx of dual-fuel tonnage expected in 2025.

Outlook for 2025

With the infrastructure groundwork laid in 2024, specifically the expansion to 8 priority anchorages and the transition to 24-hour operations, Zhoushan enters 2025 with the momentum required to challenge Fujairah for the global #3 spot. As domestic refining capacity remains high and export tax rebates continue to support competitive pricing, the “Zhoushan Discount” is expected to remain a permanent fixture of the Asian bunkering landscape.

Source: Information Office of Zhoushan Municipal People’s Government