my country’s demand for marine fuel oil continues to increase, and low-sulfur marine fuel oil has gradually become a mainstream variety

Fuel oil is a type of refined oil, also called residual oil and heavy oil. It is a dark brown viscous flammable liquid made from straight-run residual oil and cracked residual oil of petroleum. Marine fuel oil is fuel oil that provides power for internal combustion engines of ships. It is made from hydrogenated residual oil, catalytic slurry, vacuum residual oil, catalytic cracking diesel oil and other oils through blending methods. Compared with traditional coal fuel, marine fuel oil has the advantages of high calorific value, easy transportation, easy storage, low ash content, high viscosity, low cost, antioxidant, high asphaltene, low combustion chamber temperature, and contains non-hydrocarbon compounds. It is widely used as heating furnace fuel, metallurgical furnace fuel, ship boiler fuel and other industrial furnace fuel.

According to different trade objects, marine fuel oil can be divided into bonded oil for duty-free international voyages and domestic trade oil for domestic voyages; according to different qualities, it can be divided into residual fuel oil and distillate fuel oil; according to different sulfur content, it can be divided into It is high-sulfur marine fuel oil (sulfur content is above 3.5%m/m), low-sulfur marine fuel oil (sulfur content is below 0.5%m/m), and ultra-low sulfur marine fuel oil (sulfur content is 0.1%m/m). the following).

According to the “China Marine Fuel Oil Industry Market Monitoring and Future Development Prospects Research Report 2023-2027” released by the Industrial Research Center In recent years, affected by the global environment, the international energy market has been turbulent. Due to the relatively balanced production and demand of marine fuel oil in the Asia-Pacific region, the global marine fuel oil market has accelerated eastward. Against this background, my country’s marine fuel oil has good development prospects.

my country is a major shipping country in the world and has abundant port trade resources. With the rapid development of my country’s economy and shipping industry and the continuous expansion of port scale, my country’s marine fuel oil market demand is gradually increasing. From 2018 to 2022, my country’s marine fuel oil sales revenue increased by about 70.5 billion yuan, with a compound annual growth rate of approximately 18.5%. Among them, my country’s marine fuel oil sales revenue in 2022 will be about 143.3 billion yuan, a year-on-year increase of about 21.0%.

In order to control ship exhaust emission pollution, promote the green and sustainable development transformation of the shipping industry, and protect the marine ecological environment, the International Maritime Organization stipulated in January 2020 that the sulfur content in marine fuel oil used by ships sailing in global waters shall not exceed 0.5%m/m , in March 2020, it was stipulated that ships without washing equipment are prohibited from carrying high-sulfur marine fuel oil. Against this background, low-sulfur marine fuel oil has gradually become the mainstream variety of marine fuel oil, and the market space has continued to increase.

Industry analysts said that at present, my country’s marine fuel oil market is highly concentrated, with Sinopec, PetroChina, China Marine Fuel, CNOOC, Shanghai Longyu Fuel, Sinopec Yangtze Fuel, Sinopec China Shipping Fuel, etc. are the core manufacturers of marine fuel oil in my country. Among them, PetroChina, Sinopec, and China National Offshore Oil Corporation are the main producers of low-sulfur marine fuel oil in my country.