Alternative marine fuels
Overview
The marine fuel sector is decarbonising. International Maritime Organization (IMO) requirements and EU legislation is driving this change alongside consumer demand for low carbon solutions.
These drivers have prompted shipowners to invest in alternative marine fuels including; marine biodiesel, bio-methanol, grey methanol, LNG, ammonia and hydrogen.
Argus provides pricing, insights, and intelligence for the fast-growing alternative marine fuels market with independent news, analysis, and market commentary on emerging changes and trends so you can stay ahead.
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Dutch B100 flips to discount against MGO
Dutch B100 flips to discount against MGO
London, 4 March (Argus) — B100 advanced fatty acid methyl ester (Fame) dob Netherlands has this week flipped to a discount to marine gasoil (MGO) dob ARA when accounting for EU emissions trading system (ETS) costs. The discount means that it is now cheaper to sail on B100 than MGO, marking a sharp turn in fundamentals for the marine biodiesel product. With FuelEU Maritime requirements also in place, requiring a 2pc reduction in greenhouse gas (GHG) emissions this year, shipowners may look to bunker some of those needed volumes if logistically viable. Most participants reported higher interest for the product and an increase in enquiries, but demand has not spiked yet. This could be because buyers are generally holding off unnecessary bunker fuel purchases, awaiting more stable prices. Price volatility in underlying crude and gasoil markets has capped bunker fuel trade and purchasing has been limited to buyers seeking urgent refuelling or booking volumes for the second half of March in the past two days. The typical differential of around $10-20/t between Rotterdam and Antwerp very-low sulphur fuel oil (VLSFO) and MGO that has emerged since January to reflect RED III requirements in the Netherlands also disappeared on 3 March, with the sudden price surge diluting those premiums and suppliers holding on to limited volumes likely to have more control over offer levels. The spread turned negative for the first time since the B100 price launched on 22 January, and marks the first time a B100 Argus assessment was at an ETS-inclusive discount to MGO since November 2024. The spread was at a discount of $73.16/t on 2 March, before widening to $150.72/t on 3 March. B100 Advanced Fame dob Netherlands was assessed at $1,075/t on 3 March, down by $45/t from a week prior — tracking declines in the wholesale Advanced Fame fob market. Unmet offers were sharply lower on the Argus Open Markets (AOM) session on 2 March, counterbalancing a sharp increase in gasoil futures — the front-month Ice gasoil futures contract 16:30 GMT marker rose by $122.50/t on 3 March, having posted $133.75/t gains in the previous session, reaching its highest since 2022. MGO dob ARA, on the other hand, stood at $927/t on 3 March, up by $243/t since the end of last week, and its highest since 2023. MGO prices in Rotterdam and Antwerp have spiked since the start of this week, reflecting the surge in Brent crude and gasoil prices following the outbreak of the US-Iran war . Rotterdam MGO was pegged at $957.50/t dob on 3 March, up by $242.25/t in from 27 February, while Antwerp MGO was at $967.50/t dob, up by $254.50/t over the same period. By Hussein Al-Khalisy and Siew Hua Seah Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Rotterdam biomarine 2025 sales fall as bio‑LNG surges
Rotterdam biomarine 2025 sales fall as bio‑LNG surges
London, 5 February (Argus) — Marine biodiesel sales fell on the year in Rotterdam in 2025, but bio-LNG and biomethanol made sharp gains while conventional bunker fuels were roughly steady. Marine biodiesel blend sales fell by 16pc to 629,700t in 2025 from 2024, according to data from the Port of Rotterdam. Sales declined by 18pc in the fourth quarter from the third quarter. Data from the Port of Singapore, on the other hand, showed strong growth in blend sales, with marine biodiesel sales higher by 56pc year-on-year in 2025. This was driven by higher uptake of B24, B30 and B100 used to meet FuelEU Maritime requirements, which came into effect in 2025 and require ships coming in, out of, and operating within EU waters to reduce emissions. Rotterdam sales fell due to more competitive pricing east of Suez, pulling demand towards Singapore. B24 Ucome dob Singapore prices averaged $685.71/t in 2025, compared with $797.23/t for B30 Ucome dob ARA. Shipowners bunkering marine biodiesel in Singapore for EU-bound voyages can use it for FuelEU Maritime compliance. Energy used on voyages between EU and EEA ports and non-EU ports has a 50pc share of regulatory coverage, and full coverage for voyages intra-EU. Compliance generated from bunkering marine biodiesel in Singapore can then be used to achieve compliance on vessels operating European routes, via the pooling mechanism, in which obligated companies can combine their compliance balance with other vessels. This has driven an emerging FuelEU compliance surplus market, where participants can buy compliance via pooling to avoid physical bunkering of alternative marine fuels. For use of bio-LNG, over-compliance has sold at a significant premium to cost. As a result, bio-LNG bunker sales in Rotterdam jumped by more than 500pc on the year to 17,650m³ in 2025 on strong demand , and by 1,975pc on the year in the fourth quarter. Biomethanol sales rose by 200pc on the year to 11,800t in 2025, also supported by FuelEU Maritime and an increase in the number of methanol-capable vessels coming into operation — 60 methanol-capable vessels were in operation or on order in 2025, according to DNV data, compared with 17 in 2024. Sales of conventional bunker fuels in Rotterdam in 2025 were largely stable, up by 1pc on the year to 8.73mn t. But ultra-low sulphur fuel oil (ULSFO) sales rose by 16pc on the year, to the highest since 2021, as demand rose to reflect stricter requirements after the Mediterranean was designated an emissions control area (ECA) by the International Maritime Organisation (IMO) in May. Vessels transiting the sea are limited to emitting 0.1pc sulphur. The sulphur emission limits of the ECA in the Mediterranean also contributed to firmer demand for marine gasoil (MGO) and marine diesel oil (MDO). Sales of the products at Rotterdam were up 7pc on the year while fourth quarter sales were unchanged on the year but up by 4pc on the quarter. MGO-based marine biodiesel blends firmed to record highs of 93,200t in 2025, supported by the ECA expansion. But European decarbonisation and regulations — such as EU ETS expansion, FuelEU Maritime, and RED III — made very-low sulphur fuel oil (VLSFO) less attractive for shipowners that are seeking ECA-compliant 0.1pc sulphur fuels such as ULSFO or marine gasoil. VLSFO sales fell by 7pc on the year in 2025 while fourth quarter VLSFO sales were down 8pc on the year but up 17pc quarter on quarter. The increase in scrubber-fitted vessels continued to support sales of high-sulphur fuel oil (HSFO) at Rotterdam, which increased 3pc on the year. HSFO sales at the port in the fourth quarter were up by 3pc on the year but down by 8pc on the quarter. By Hussein Al-Khalisy and Siew Hua Seah. Rotterdam bunker sales t Fuel 2025 2024 y-o-y % 4Q 2025 3Q 2025 q-o-q % 4Q 2024 y-o-y % ULSFO 864,782 748,186 16% 219,039 232,720 -6% 193,567 13% VLSFO 2,850,083 3,076,817 -7% 745,786 635,638 17% 810,831 -8% HSFO 3,420,908 3,330,327 3% 804,962 872,077 -8% 780,437 3% MGO/MDO 1,590,902 1,483,332 7% 402,781 387,173 4% 395,903 2% Conventional total 8,726,675 8,638,662 1% 2,172,568 2,127,608 2% 2,180,738 -0% Biofuels blends 629,706 752,103 -16% 161,934 198,515 -18% 118,201 37% LNG (m³) 992,911 941,366 5% 192,433 331,620 -42% 263,068 -27% Bio-LNG (m³) 17,644 2,775 536% 11,932 960 92% 575 1975% Biomethanol 11,819 3,946 200% na na na 930 na Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
LNG share of alternative bunker fuel market grows
LNG share of alternative bunker fuel market grows
Sao Paulo, 30 January (Argus) — LNG is leading the charge in the alternative bunker fuel market as shipowners look to comply with greenhouse gas (GHG) emissions reduction regulations such as FuelEU Maritime, RED III, and EU ETS. Starting in 2025, shipowners traveling in to, out of and within EU territorial waters were required to cut greenhouse gas (GHG) emissions by 2pc, with steeper targets scheduled in the coming years. LNG is considered one of the most viable alternative marine fuels for shipowners seeking to comply with emission-reduction regulations in the short and medium term, according to market participants and recent bunker data. The prioritising of LNG as an alternative bunker fuel is justified by ample availability at ports worldwide compared with other alternative bunker fuels, traders said. LNG bunkering infrastructure is available at 222 ports globally , according to industry group SEA-LNG. In 2025, alternative-fuelled vessel orders dropped by 47pc on the year but LNG-fuelled vessels accounted for 69pc of the orderbook and for 31pc of total gross tonnage, according to Norwegian classification agency DNV. LNG bunker fuel sales more than doubled in Spain in 2025 from 2024 to above 8.1TWh, and quadrupled compared with 2023, according to the country's gas transport association Gasnam. LNG bunker loadings from terminals operated by Spanish grid operator Enagas also increased in 2025 . LNG sales for bunkering at the port of Antwerp doubled on the year in the third quarter of 2025. Going a step further Flexibility and fuel availability are key factors determining future vessel order books, market participants told Argus . In September, sales of FuelEU Maritime credit surplus to the requirements of LNG-fuelled vessel owners were at a significant premium to Argus' delivered bunker bio-LNG assessments in Europe. As a result, shipowners with surplus compliance were able to monetise these excess credits by selling them to under-compliant peers. Bio-LNG used in transportation also offers heavy GHG savings that could ensure shipowners comply with the planned International Maritime Organisation (IMO) GHG pricing mechanism . The regulation, if approved in a vote in October, would start in 2028 and requires ships to initially reduce their fuel intensity by a "base target" of 4pc in 2028 against 93.3g CO2e/MJ, the latter representing the average GHG fuel intensity value of international shipping in 2008. This gradually tightens to 30pc by 2035 and defines a "direct compliance target", that starts at 17pc in 2028 and rises to 43pc by 2035. Using LNG as a bunker fuel may help shipowners to comply with the base target until 2031, but not with the direct compliance target. Using bio-LNG, on the other hand, complies with all GHG emissions reduction targets and generates surplus FuelEU Maritime and IMO credits. By Natália Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: Alternative bunkers' demand to rise in 2026
Viewpoint: Alternative bunkers' demand to rise in 2026
London, 29 December (Argus) — EU member states' adoption of the bloc's recast Renewable Energy Directive (RED III) and higher penalties for use of fossil marine fuels will boost demand for alternative bunkers in 2026. FuelEU Maritime regulations will keep supporting demand, as in 2025, by requiring a 2pc cut in fuel greenhouse gas (GHG) emissions through to 2029, rising to 6pc in 2030. Shipping emissions will fall under the full scope of the EU Emissions Trading System (ETS) for the first time, including methane (CH4) and nitrous oxide (N2O). The wider ETS scope will raise costs for fuel oil and gasoil bunkers, and also for biofuels, which emit GHGs. RED III rules, including maritime renewable fuel mandates, will shape where and what ships bunker. In northwest Europe, major EU port hubs in the Netherlands and Belgium are set to diverge in their treatment of waste-based biodiesel produced through transesterification and certified under EU RED rules. Used cooking oil methyl ester (Ucome), the most common biodiesel for bunkering blends globally, will not be a mainstay of marine biodiesel blends in the Amsterdam-Rotterdam-Antwerp (ARA) hub. From January, waste-based biodiesel will count towards total obligated fuel volumes in Dutch ports. This will not apply in Belgium, which could allow vessels to bunker there at lower cost in renewable obligation terms. There is also divergence between legislation governing shipping emissions. FuelEU Maritime, unlike some RED III transpositions, places no cap on fuels produced from RED Annex IX Part B feedstocks, including used cooking oil (UCO). FuelEU allows shipowners flexibility on where they procure biofuels to meet their own requirements. Some Dutch suppliers said they will offer Ucome blends in the Netherlands if there is demand for FuelEU purposes, but with a premium to cover domestic RED III compliance. Marine-specific mandates could also push renewable fuel bunkering to other locations and reduce appetite for blends with biodiesel produced using RED Annex IX Part A ‘advanced' feedstocks. Under RED II, supply of such blends generated tradeable renewable fuel tickets called HBE-Gs to count against broader transport mandates, adding value in what had been a non-obligated sector. B30 advanced Fame 0 dob ARA prices, which include a deduction for Dutch HBE-G ticket value, averaged a discount of about $118/t to B30 Ucome dob ARA prices for most of 2025. Singapore eyes EU demand Marine biodiesel bunkering demand in Singapore has risen steadily since FuelEU Maritime was introduced, overtaking Rotterdam sales in the third quarter of 2024. Sales in Singapore totalled 1.16mn t in the first three quarters of 2025, more than double a year earlier. Rotterdam sales fell to 467,772t from 633,902t over the same period. EU anti-dumping duties on Chinese-origin biodiesel, announced provisionally in July last year and later finalised, have driven competitive supply away from ARA ports, consolidating Singapore's leading position for renewable bunkers. Chinese Ucome flows to Singapore remain strong. Exports nearly tripled to 84,024t in the fourth quarter of last year compared with the second quarter, according to China customs data. Shipments this year to October have already exceeded last year's total, reaching 180,122t compared with 173,340t in the whole of 2024. B30 dob Singapore values averaged $732.58/t between 10 April and 3 December this year, compared with $792.90/t for B30 Ucome dob ARA over the same period. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Webinar: Biofuels Waste-Based Feedstocks Market Overview and Outlook
Webinar: Biofuels Waste-Based Feedstocks Market Overview and Outlook
Webinar: SAF Horizons - Global Market Dynamics, Policy Shifts, and Forecasts
Webinar: SAF Horizons - Global Market Dynamics, Policy Shifts, and Forecasts
Webinar: Zooming into the US feedstock market and futures contracts
Webinar: Zooming into the US feedstock market and futures contracts
Webinars
Biofuels Waste-Based Feedstocks Market Overview and Outlook
As of mid-2025, the waste-based feedstocks market for biofuels in Europe and Asia is experiencing a mix of stability and pressure, shaped by regional dynamics, policy shifts, and changes in global trade flows.
On demand Webinar - 12/06/25SAF Horizons - Global Market Dynamics, Policy Shifts, and Forecasts
We will hear from our freight experts as SAF policy and demand create global trading opportunities in this market.
On demand Webinar - 21/05/25Zooming into the US feedstock market and futures contracts
North America market updates, including recent regulatory changes like 45Z that are driving these markets
On demand Webinar - 06/05/25A webinar series exploring the shifting dynamics in the oil market
Explore how tariffs could influence global oil demand and reshape production dynamics.
Related documents
Alternative marine fuels key prices
Argus Marine Fuels features a comprehensive range of alternative marine fuels prices (in $/t VLSFO, $/t HSFO, and $/t MGO equivalents and $/mn Btu).
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Global alternative fuels vessel databases
Argus Marine Fuels includes access to proprietary data in three downloadable databases, providing essential insights into the changing marine fuels market:
Spot deals and firm quotes
This list of spot deals gives buyers and sellers understanding where they stand price-wise compared with their competitors. Argus’ daily deals/quotes detail the port, type of fuel, size of the deal, price, delivery method and delivery dates. It does not include counterparties’ names.
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Alternative fuels vessels and supplier list
Argus lists vessels that are burning alternative marine fuels, including methanol, biofuels, ammonia, hydrogen, LNG, LPG, as well as those running on batteries. The database is updated every month.
View sample data
Scrubbers
The database is updated every month. It contains over 4,300 records and counting.
View sample data