Global energy and commodity price reporting agency Argus has launched a daily biofuel blended ship bunker assessment.

The new B24 daily assessment reflected the market value of “bunkers” – as ship fuel is known – made up of 24% used cooking oil methyl ester (UCOME) and 76% very-low sulphur fuel oil (VLSFO), delivered-on-board in Singapore, Argus said on 31 January.

Argus said its B24 price assessment was a “world first” and was based on market transactions, bids and offers and could be used by companies in contracts, for mark-to-market valuations, to optimise production, and in market analysis.

“The maritime industry is embracing the need to evolve and reduce greenhouse gas emissions. Our new B24 assessments… bring… transparency to this new and emerging market, which will play an increasingly important role while the industry transitions to develop cost-effective zero carbon solutions,” Argus Media chairman and chief executive Adrian Binks said.

In Singapore, the world’s biggest bunkering hub, the B24 market was growing rapidly, Argus said, with sales last year totalling more than 140,000 tonnes and trade increasing during the last three months of the year.