Core Viewpoint - The "Zhoushan Price" has emerged as a significant pricing mechanism for ship fuel in China, reducing reliance on international pricing and enhancing the local shipping industry's development [2][3][4]. Group 1: Overview of Zhoushan Price - Zhoushan, located at the eastern edge of Hangzhou Bay, is a crucial shipping hub and the largest ship refueling port in China, with an annual refueling volume exceeding 7 million tons [2]. - The "Zhoushan Price" was established on June 21, 2021, based on the Shanghai Futures Exchange's low-sulfur fuel oil futures price, marking the first domestic spot pricing mechanism using a futures price as a basis [2][3]. - The pricing system has evolved to include various components such as buyer quotes, storage prices, and weather indices, creating a comprehensive index system that supports the ship fuel supply chain [2][3]. Group 2: Impact on Market Transparency and Efficiency - The introduction of the "Zhoushan Price" has significantly improved market transparency and stability, enhancing operational efficiency for enterprises and expanding the application of fuel oil futures prices in the spot market [3][4]. - Over 90% of the participants in the low-sulfur seller quote are now involved in the Zhoushan ship fuel market, indicating its widespread acceptance and influence [4]. Group 3: Role of Zhejiang Dazong - Zhejiang Dazong, established in 2015, serves as a major platform for bulk commodity trading and has been instrumental in promoting the integrated oil and gas trading market in the Yangtze River Delta [5][6]. - The collaboration among various stakeholders has facilitated the integration of futures and spot markets, enhancing the overall trading efficiency and service delivery to the real economy [6][8]. Group 4: Future Developments and Innovations - The ongoing exploration of integrated pricing mechanisms extends beyond the "Zhoushan Price," with initiatives such as the establishment of a national bulk commodity registration center and the launch of various trading models [9]. - The Zhoushan Price is expected to further break down international pricing barriers and elevate China's ship fuel industry within the global value chain, contributing to higher quality growth [9].

联盟成立以来，以绿色船燃产业补链强链为核心，推动东北亚绿色船燃"一中心，两基地"加快建 设。联盟供应链体系日趋完善，中国能建、中广核等绿色船燃生产项目陆续开工，并与港航企业建立了 长期稳定合作关系；中远海运集团在辽船队加快建设。产业发展不断提速，一批港口码头、储运、船 队、加注项目陆续落地，在辽新造船订单持续攀升。 近日，在东北亚绿色船燃供应链联盟2025年年度会议期间，中船燃、辽港、中远海等多家联盟成员 单位签署合作协议，东北海陆大通道（辽宁）运营有限公司挂牌，中国外运东北有限公司、中石化长江 燃料有限公司两家企业正式成为联盟成员，标志着东北亚绿色船燃"产供储运销"保障体系进一步完善。 东北亚绿色船燃供应链联盟于2024年4月26日成立，由省交通运输厅牵头主导，联合辽宁海事局、 大连海关、中国船级社、中远海运大连投资有限公司、锦州港股份有限公司等11家单位共同发起，旨在 以绿色船燃带动传统航运业转型升级，激活东北亚航运物流新动能。目标是到2029年，建设并巩固绿色 甲醇、绿氨等新兴船舶燃料产业发展基地。目前联盟已发展会员55家，汇集了绿色船燃生产、仓储、运 输、加注、认证、储能、造船等领军企业，以及国内一流 ...

Core Insights - The development of fuel oil futures and low-sulfur fuel oil futures markets has been steady, with effective risk management and price reference tools provided for the shipping fuel industry [1][3] - The launch of the high-sulfur 380CST fuel oil "China Zhoushan Fuel Oil Bonded Ship Supply Buyer Quotation" enhances the integrated pricing system based on futures [1][3] Market Developments - Since 2021, the Shanghai Futures Exchange and Shanghai International Energy Exchange have introduced various quotations based on high and low sulfur fuel oil futures settlement prices, providing significant reference prices for domestic and international shipping fuel markets [2][3] - The introduction of the "Price Of Zhejiang ZME" system allows enterprises to sign spot transaction intentions based on futures-based low-sulfur fuel oil quotations [2] Pricing Mechanism - The newly released high-sulfur buyer quotation is based on the Shanghai Futures Exchange fuel oil futures prices, processed daily by Zhejiang Dazhong, providing a unified premium/discount price [3] - The launch of the high-sulfur buyer quotation and the POZZ system will enhance the efficiency of using RMB premium/discount quotations in the shipping fuel industry [3] Future Outlook - The Shanghai Futures Exchange and Zhejiang Dazhong will continue to collaborate to support the construction of the Zhejiang Free Trade Pilot Zone and the Yangtze River Delta integrated oil and gas trading market [3] - The focus will be on promoting high-quality and sustainable development of the shipping fuel industry, contributing to the high-quality development of the Yangtze River Delta integration [3]