China's low-sulfur marine fuel exports at 2nd highest on record

(Reuters) - China's exports of low sulfur marine fuel in March rose 57% on year to the second highest monthly level on record, as demand for the fuel recovered in line with the country's strong exports of general goods. March exports reached 1.68 million tons, extending strong growth in the first two months of the year when volumes doubled on an annual basis, customs data showed.

The Chinese government last year started granting tax incentives to prompt production and exports of very low-sulfur fuel oil (VLSFO), with a maximum Sulfur content of 0.5% to comply with emission rules imposed by the International Maritime Organization. Customs data also showed that fuel oil imports into bonded storage, which include both high-sulfur and low-sulfur materials, were 905,960 tons last month, up from 750,000 tons a year earlier.