In line with the national anti-pollution campaign to “make 

the sky blue again”, China has introduced a series of 

environmental policies in the past few years. In particular, 

in response to the environmental requirements of

the International Maritime Organization (IMO), China 

has begun setting up emission control areas (ECAs) 

since 2016 to strictly control air pollution from ships, 

complemented by a range of supporting measures to 

ensure the supply of compliant low sulfur marine fuel. 

Current international and national rules require ships 

engaged in international voyages to use fuel oil with sulfur 

content no higher than 0.50% m/m; but fuel with higher 

sulfur content is permitted for those equipped with exhaust 

gas cleaning systems or other devices that achieve 

equivalent or better emission reduction results\.

Based on the level of sulfur content, marine residual fuels 

are classified into high sulfur fuel oil (HSFO), low sulfur 

fuel oil (LSFO), and ultra-low sulfur fuel oil (ULSFO). 

Sulfur content in HSFO reaches 3.50% m/m or even 

4.50% m/m and above; that of LSFO and ULSFO is 

generally below 0.50% m/m and 0.10% m/m, respectively.

Shanghai Futures Exchange (SHFE) lists fuel oil futures 

contracts for RMG 380 marine fuel with a maximum sulfur 

content of 3.50% m/m. Shanghai International Energy 

Exchange (INE) lists LSFO futures contracts for low sulfur 

marine fuel with a maximum sulfur content of 0.50% m/m.

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