"Two-ends-outside" bonded bunker means the oil comes from overseas, is supplied to an overseas-flagged ship, and leaves the country again — the whole chain avoids domestic excise and import quotas. Lin-gang has made this channel routine, which is a direct plus for transshipment desks: a ship can top up in port and sail without detouring to Singapore. For SNSUC the benefit shows up in two places. First, turnaround: bunkering empty in Singapore used to burn three to four days of voyage and hire; now Shanghai or Zhoushan does it, and the same charter can lift one more cargo. Second, pricing: bunker is settled in offshore RMB. With USD/CNY at 6.6984 and the yuan on the firm side, the FX hedge is cheaper. But do not book the policy dividend as free money. Low-sulfur blend components are still bound by quotas and quality inspection, and Zhoushan roads get a queue in peak season. We put "voyage hire saved" and "possible waiting demurrage" in the same line — the net line is the only real one.