Shandong launched the first low-sulfur fuel oil futures delivery to spot direct supply business

On November 12, 5,000 tons of bonded low-sulfur fuel oil futures in the futures delivery warehouse of Qingdao Shihua Crude Oil Terminal Co.
, Ltd.
were delivered into spot, and after applying to Huangdao Customs under Qingdao Customs for tank release and completing the procedures, they were directly loaded onto ships for international navigation
.
This is also the first time that Shandong has carried out the direct supply
business of low-sulfur fuel oil futures to spot.

Under this business model, after the shipbuilding enterprise writes off the futures warehouse receipt, it directly carries out bonded refueling on ships on international routes, opening up the whole process
of domestic export tax rebate fuel oil from storage to futures warehouse receipt to bonded filling.

In the process of business development, Huangdao Customs strengthened the docking with the Shanghai Futures Exchange, helped the bonded warehouse operated by Qingdao Shihua Crude Oil Terminal Co.
, Ltd.
to obtain the qualification of low-sulfur fuel oil futures designated delivery warehouse approved by Shanghai International Energy Exchange Center, and formulated a special supervision plan to improve the utilization efficiency
of port storage tanks on the basis of strengthening risk prevention and control and standardized management.
Since the beginning of this year, Qingdao Shihua Crude Oil Terminal Co.
, Ltd.
has completed the delivery of 67,200 tons
of low-sulfur fuel oil futures.