2 min read

Bio-Bunker Price Indexes Now Available on Prima CarbonZero Platform

Bio-Bunker Price Indexes Now Available on Prima CarbonZero Platform

ResourceWise is proud to announce an expansion into the marine biofuels market. Partnering with the marine fuel experts at ENGINE, we now offer our subscribers bio-bunkering pricing indexes from eight regions.

These indexes are available on Prima CarbonZero, ResourceWise’s online biofuels pricing and analytics platform.

Biofuels and the Maritime Industry

Biofuels have continued to gain market share across multiple industries and markets. As the dial continues moving toward renewable fuel alternatives, marine fuels have quickly become an area of focus.

Within the past year alone, biofuels have sharply risen in adoption and popularity in the bunkering market. Major industry players and investors alike have refocused their attention on developing bio-alternatives to fuel the immense global shipping industry. The market has moved quickly thanks to rapid shifts in renewable fuel technology and dynamics.

Accordingly, the need for trustworthy and reliable bio-bunkering benchmarks has become increasingly critical for maritime businesses.

This is the crossroads where ResourceWise and ENGINE connected. Through their collaboration, bio-bunkering indexes are now easy to access on our convenient online platform.

Read the Press Release: ResourceWise (Formerly Prima Markets) Partners with ENGINE for Bio-Bunker Indexes, Now Available on Prima CarbonZero Platform

Outlining the Details

ResourceWise acquired Prima Markets in 2023 and expanded their commodity coverage into the biofuels sector. Prima’s years of expertise within this market provided a wealth of knowledge and understanding of how biofuels and their feedstocks will operate in the maritime industry.

ENGINE’s traditional bunker fuel indexes also boast a well-established history of knowledge, expertise, and trust in the industry. Together with ResourceWise, we now offer a powerful tool to help understand and track critical price benchmarks for both B24 and B30 biofuel blends.

The initial offering provides bio-bunker indexes for eight fuel types:

  1. B30 VLSFO Rotterdam HBE
  2. B30 LSMGO Rotterdam HBE
  5. B24 UCOME VLSFO Singapore
  6. B24 UCOME LSMGO Singapore
  7. B30 UCOME VLSFO Los Angeles
  8. B30 UCOME LSMGO Los Angeles

The standards used to determine these indexes stem from a meticulous analysis of pricing dynamics. Each price is adjusted to incorporate multiple factors:

  • Local Biofuel Markets: Each regional fuel type is weighed against other fuel within that given area.
  • Fossil Fuel Supply Considerations: Current and historical fossil fuel data within the market is incorporated into each bio-bunkering index determination.
  • Regulatory Requirements: Current regulatory requirements for biofuel blending and other factors are also factored into the data.

These benchmarks reflect thorough research into pricing dynamics, developed to suit all of these important considerations.

In Europe, the indexes also sift through bio-blends to identify those eligible for rebates under the Dutch HBE system. Bio blends composed of advanced bio-based feedstocks as per Annex IX Part A of the EU's updated Renewable Energy Directive (RED II) come with deductions based on ResourceWise’s daily assessment of HBE ticket prices.

Shifting the Marine Industry to Greener Waters

Major changes are happening in the marine world as industry leaders take bold strides towards a greener future.

As the marine industry navigates its course towards these renewable fuels, reliable benchmarks have become critical. That's where ResourceWise's expertise in biofuel benchmarks comes into play.

Integrated with ENGINE's traditional bunker fuel data, our data gives businesses the confidence they need to understand how the market is moving. Access to this data yields essential, timely, and accurate benchmarks. Together, these indexes boost awareness as bio-bunkering gains momentum in the industry.

The launch of these benchmark prices and analyses only marks the beginning, with more to be released as the pace of adoption accelerates.

Get in touch with an expert to schedule a demo of Prima CarbonZero from ResourceWise and see all the ways our data can help your business.

Schedule a Demo