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低硫燃料油期货合约交易操作手册2020——Characteristics and Classification

时间:2026-04-30

Fuel oil, a type of refined oil, is one of the heavier residual products 

from the refining of crude oil, after lighter components such as 

gasoline, kerosene, and diesel are first separated. Primarily the residue 

from the cracking and straight-run distillation of crude oil, fuel oil is 

characterized by its high viscosity as well as the significant amount 

of non-hydrocarbon compounds, resins, and asphaltenes. Fuel oil is 

principally used in oil refining and chemical, transport, construction, 

and metallurgy industries. Marine fuel, especially bonded marine fuel, 

is seeing rising demand in recent years.

Generally, lighter components are always separated out earlier than 

heavier ones during the refining of crude oil. Fuel oil is the last product 

coming out of the refining process; its quality is affected by many 

factors including the crude stream, refining technology, and the extent 

of refining. Marine fuel powers much of the shipping and transport 

industries. As such, it must meet a wide range of quality requirements 

for use in marine diesel engines; otherwise, potential safety hazard 

may be caused. Furthermore, it must be free of any additives or 

chemical waste that may endanger the safety of the ship or affect 

the performance of the machinery, damage the health of the crew, or 

pollute the air.

Different classifications of marine fuel are listed as follows:

According to China’s national standard GB/T 17411, marine fuel is 

broadly categorized into distillate fuel and residual fuel. The former 

is mainly made of light distillates, and is further classified into four 

grades of DMX, DMA, DMZ, and DMB by density, cetane index, and 

other quality metrics; the latter is mainly made of heavy fuel oil, and by 

quality and viscosity, can be further categorized into 6 fuel types and 7 

viscosity designations, yielding 11 grades, namely RMA 10, RMB 30, 

RMD 80, RME 180, RMG 180, RMG 380, RMG 500, RMG 700, RMK 

380, RMK 500, and RMK 700.

By sulfur content, marine fuel can be classified into grades I, II, and III. 

For the residual variety, the three grades correspond to a maximum 

sulfur content of 3.50%, 0.50%, and 0.10% m/m, respectively. Starting 

from January 1, 2020, the International Maritime Organization (IMO) 

requires a sulfur cap of 0.50% m/m on fuel oil used by all ships 

worldwide, except for ships using “equivalent” compliance methods.

Low sulfur fuel oil (LSFO) has become a mainstream product on the 

market since 2020. Conventional residual fuel is produced through 

blending the vacuum residues with other components. But as the 

low sulfur era approaches, the existing production processes need 

to be changed. There are three principal ways to produce LSFO: (1) 

distillation of low sulfur crude oil; (2) mixing and blending low sulfur 

residual fuel with high sulfur heavy fuel; and (3) using processing 

facilities to lower the sulfur content of high sulfur residual fuel. 

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