The China (Zhejiang) Pilot Free Trade Zone refuels 4,555 ships with 4.72 million metric tons of bonded bunker oil in 2020. [Photo/WeChat account: china-zjftz]

The China (Zhejiang) Pilot Free Trade Zone in Zhoushan, East China's Zhejiang province, experienced a 15.14 percent year-on-year increase in bonded bunker oil filling last year, local media reported on Jan 7.

In 2020, Zhejiang FTZ refueled 4,555 ships with 4.72 million metric tons of bonded bunker oil.

As a representative of China's participation in the international competition for oil and gas, the Zhejiang FTZ, established in July 2017, has been focusing on convenient investment and free trade in bulk commodity, especially in oil and gas.

Zhoushan, one of the most important international shipping ports in China, receives tens of thousands of international ships each year. However, due to fuel oil price, oil supply anchorage, and supporting maritime services, most international ships used to be refueled at ports in Singapore.

Since Jan 1, 2020, the sulfur limitation policy has taken effect globally which requires the sulfur content of bunker oil to be no more than 0.5 percent m/m, thus boosting Zhoushan's bunker oil market.

In addition, Zhoushan has built 21 anchorages for bunker oil filling over the past three years and reduced the customs clearance time needed by ships to be refueled to just 10 minutes.