China: Hainan launches new business model for bunkering vessels to be used for dual purpose

Hainan Free Trade Port recently launched the first business model called “one ship for dual purposes” where a bunker tanker is allowed to carry and transport oil products aside from refuelling purposes.

The new model was launched when a bunker tanker recently transported bonded low-sulphur fuel oil departed from the terminal of Sinopec Hainan Refining & Chemical Co.,Ltd in Yangpu to the oil depot terminal of Sinopec (Hong Kong) Hainan Petroleum Co., Ltd. for storage. The estimated cargo volume of this oil supply is 3,650 metric tonnes.

Fang Linshou of Sinopec Fuel Oil (Hainan) Co., Ltd., said: “Under the original business model, our company had to arrange additional ships for transportation of oil products for storage. To further save costs, the existing bunkering vessels can also be used to transport oil cargo now.”

Li Enhua, Director of the Territorial Inspection Division of Yangpu Customs, said: “This regulatory innovation will not only solve the problem of low efficiency in the use of existing bunker tankers, but also provide multiple path options for bonded low-sulphur fuel oil to be shipped out of the refinery and into the warehouse in a timely manner, helping companies achieve reduced costs and increase efficiency, operations will be more efficient and flexible, and business connections will be closer.”