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Latest marine fuels news
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IMO mulls higher biofuel blend cargoes on Type I ships
IMO mulls higher biofuel blend cargoes on Type I ships
Singapore, 5 February (Argus) — The International Maritime Organization (IMO) is reviewing a proposal on the delivery of biofuel blends of up to 30pc on Type I barges, and is expected to approve this soon, according to several key maritime assessors and classification societies. The proposal, once approved by IMO, is expected to increase B30 bunkering globally as it would allow for the sale of B30 using the current available fleet of IMO Type I oil barges at any port, likely leading to a higher uptake of biofuel blends. B30 is a blend of 70pc very low-sulphur fuel oil (VLSFO) or high-sulphur fuel oil (HSFO) with 30pc used cooking oil methyl ester (Ucome). The draft circular on the carriage of blends of biofuels and MARPOL Annex I cargoes by conventional bunker ships was accepted by IMO's sub-committee on pollution prevention and response (PPR) during its 12th session from 27-31 January. The draft is expected to be approved at the next Marine Environment Protection Committee (MEPC) 83 meeting to be held from 7-11 April. Details of the 12th PPR meeting had not been published on IMO's website at the time of writing. The International Convention for the Prevention of Pollution from Ships (MARPOL) is an agreement that covers the prevention of pollution of the marine environment by ships. Annex I covers pollution by oil and oil products carried or operationally used by ships. Type I ships that deliver conventional bunker fuels can currently carry up to 25pc of biofuels under MARPOL Annex I, which has resulted in the adoption of the B24 blend in key ports across Asia, the Middle East and the Mediterranean region in the past few years. B24 consists of 24pc Ucome blended with 76pc fuel oil, which could be either VLSFO or HSFO. IMO has previously stated that Type II chemical tankers should be used for transporting biofuel blends with concentrations higher than 25pc. Shipowners have hence been waiting for the delivery of more Type II tankers, which are currently in limited supply at many ports. Market participants at the key port of Singapore are awaiting the impact of the decision in April. Enquiries for B30 have been surfacing in the past couple of months and refiners, traders, and shipowners are waiting for the outcome from MEPC 83, as well as subsequent decisions by the Maritime and Port Authority (MPA) of Singapore on how this will be implemented in the country, said several Singapore-based market participants. "[We] need to see if MPA agrees to follow IMO," said a key Singapore-based trader. MPA has not responded to a request for comment. The current push for higher biofuel blends comes as shipowners prepare to meet stricter compliance requirements set by IMO's Carbon Intensity Index and EU-led Emissions Trading Scheme and FuelEU Maritime. Demand for alternative marine fuels, especially biofuel blends and LNG, is expected to rise as shipowners look at reducing greenhouse gas (GHG) emissions across their fleets. By Mahua Chakravarty Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Pemex can partially bypass US tariffs with Asia sales
Pemex can partially bypass US tariffs with Asia sales
Mexico City, 2 February (Argus) — Mexico's state-owned oil company Pemex can sidestep the US' 25pc tariff on Mexican imports by redirecting crude to other international buyers, particularly in Asia, market sources say. Pemex primarily sells crude under evergreen or long-term contracts, allowing it to set prices and volumes buyers must accept, one former executive at Pemex's trading arm PMI told Argus . These agreements vary in duration, with some being indefinite and others requiring a minimum purchase period. The 25pc tariff imposed by US president Donald Trump's administration could simply be added to Pemex's benchmark price and leave US buyers to decide whether to accept it. If they decline, Pemex could offer its crude at a discount to other buyers. "Pemex would rather sell at a discount elsewhere than absorb most or all of the tariff to keep exporting to the US," the former PMI executive said. Pemex has more flexibility than Canadian heavy crude producers, whose output is primarily transported through pipeline to US refiners in the midcontinent. Pemex can more easily divert shipments to Europe or Asia rather than Texas, where most of its crude is consumed. Pemex exported about 806,200 b/d of crude in 2024, a 22pc drop from 2023, according to company data. The US took around 505,000 b/d, or 60pc, of Mexico's crude exports in 2024, vessel tracking data show. Pemex is a key supplier of heavy crude and high-sulphur fuel oil (HSFO) to US Gulf coast refiners, which are also optimized to convert HSFO — a low-value byproduct — into higher-value fuels like gasoline and diesel. The state-owned company exported around 130,000 b/d of HSFO to the US in 2024, down from 163,000 b/d in 2023, according to Vortexa. Pemex typically sells fuel oil at a discount relative to its high-sulphur Mayan crude to Texas refiners. Domestically, Pemex supplies HSFO to state-owned utility CFE, which uses it for power generation. Pemex owns the 312,500 b/d Deer Park refinery in Texas, which processes Maya crude, but does not disclose how much crude it supplies to the facility. Pemex exported around 67,000 b/d of crude to the Deer Park refinery in 2024, according to Vortexa data. In the medium term, Pemex could lower shipping costs to Asia by upgrading infrastructure at its Salina Cruz port on Mexico's Pacific coast, the former PMI executive said. "It wouldn't require a large investment, just improved pipeline capacity to move crude from the Gulf to the Pacific," he said. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Syria issues crude, products tenders: Correction
Syria issues crude, products tenders: Correction
Corrects quality of gasoil sought in paragraph 4, from 10ppm to 50ppm. This story was originally published on 22 January Dubai, 30 January (Argus) — The new administration in Syria has issued its first tenders to buy crude and refined products since the fall of Bashar al-Assad's regime in December, as acute fuel shortages continue to cause lengthy blackouts in the country. Tenders seeking 3mn bl of light crude for the 140,000 Banias refinery and 1.2mn bl of heavy crude for the 110,100 b/d Homs refinery close for bidding on 27 January. They have a 10pc flexibility either way on the volumes. The Banias refinery is undergoing maintenance at several of its production units after being taken offline last month because of a lack of crude feedstock. Syria's new administration has also issued its first import tender for refined products — 80,000t of 90 Ron gasoline, 100,000t of 50ppm sulphur gasoil and 100,000t of fuel oil — commencing as soon as possible for delivery over a 30-day period. Offers must be delivered by hand to the oil ministry in Damascus by 14:30 local time on 27 January. A tender seeking 66,000t of LPG has been issued as well. A previous tender for 20,000t of LPG was awarded at mid-teen $/t premiums to fob Lavera west Mediterranean prices. Before Assad was toppled, Syria relied heavily on Iran for its oil supplies, as international sanctions imposed in the wake of the 2011 civil war left the country critically short of feedstock for its refineries. Iran's crude exports to Syria averaged around 55,000 b/d in January-November 2024 and around 80,000 b/d in 2023, according to trade analytics firm Kpler. Iran was also sending around 10,000-20,000 b/d of oil products to Syria in recent years, according to consultancy FGE. But Tehran has halted crude deliveries to Syria since the Islamist group Hayat Tahrir al-Sham took control last month , leaving the new transitional government under pressure to find alternative suppliers. Government-to-government deals are a potential option. "Recent political developments have indicated that Qatar, Saudi Arabia and Turkey could play a role in solving Syria's crude and refined products shortage," FGE analyst Palash Jain said. Saudi Arabia is willing to help for a limited period, but discussions remain in a preliminary phase and are light on details, a source with knowledge of the matter told Argus . Riyadh is waiting to hear more from the Syrians on their energy needs and requirements, the source added. The latest tenders come just two weeks after the US waived sanctions that had previously prohibited energy trade with Syria. The waiver, issued on 6 January, is valid until 7 July. By Rithika Krishna and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US tariffs could shift Mexican HSFO to Panama
US tariffs could shift Mexican HSFO to Panama
New York, 28 January (Argus) — Proposed US tariffs on Mexican goods would raise US costs for Mexican high-sulphur fuel oil (HSFO), potentially shifting flows of the country's marine fuel to the Central American bunkering hub of Panama. US president Donald Trump has said he will impose 25pc import tariffs on goods from Mexico. US oil companies are asking Trump to exclude oil from tariffs , but it is unclear whether Trump will oblige. Mexico's residual fuel oil exports reached a record high of 218,059 b/d in the first 10 months of 2024, according to data from Mexican state-owned Pemex. The US took most of Mexico's residual fuel oil exports during that period, importing 145,830 b/d from its neighbor, including 124,341 b/d that went to the US Gulf coast, according to US Energy Information Administration data. Should Trump implement the 25pc tariffs, companies bringing Mexican residual fuel oil to the US could reduce bids in effort to recoup their tariff costs. But lower bids could prompt Mexican exporters to redirect some of residual fuel oil to buyers in Panama, northwest Europe and Singapore. If the price makes sense, Panama bunker suppliers could displace some of their US Gulf coast import barrels with Mexican barrels, as Panama suppliers "are constantly out there hunting for the best price available in the international market", a Panama supplier told Argus . Panama's HSFO bunker demand averaged 25,466 b/d (1.19mn t) in January-October 2024. The country does not have an operational refinery and is dependent on imports for all its oil product needs. Panama received the bulk of its residual fuel oil shipments from Mexico, the US Gulf coast and Peru, according to ship tracking data from Vortexa. Trump has also promised unspecified actions to take control of the US-built Panama Canal in response to what he says has been unfair treatment of US ships, a claim that Panama president Jose Raul Mulino has rejected. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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