I didn't get the 40 tons of fuel makes 120 tons of CO2.
The optimum fuel/air ratio is 14.5:1 for a diesel fuel.
Is bunker C fuel burnt at 3:1 ratio? Sounds wrong.
Some of the rest of the 14 parts air goes to burning the H atoms, which don't weigh much, and producing water. Most of it is nitrogen which isn't burned.
So for 40 tons of fuel with C4H10 you’ll get around 120-130 tons of CO2.
Once you do the math and convert from mol for each product to KG it more or less comes out right. Hydrogen is 2 g/mol, Oxygen and Carbon are 16 and 12 respectively. So you are essentially tripling the mass simply because you are adding a heavy molecule (oxygen) to the mix.