Viewpoint: Trucking to enter steady growth in 2020
The US trucking industry faced economic uncertainty in the last half of 2019, but should find steadier driving by the start of the second quarter of 2020.
Seasonally-adjusted for-hire trucking fell in November to an index of 113.5, down by 7.2pc from the yearly high set in July amid reports of lower demand during the fall freight season, according to the American Trucking Association (ATA). The ATA index, dominated by contract freight, is calculated based on survey responses from ATA members on tonnage hauled by fleets. It awards 100 points for every 2,015t hauled.
Despite economic headwinds, trucking is up by 3.3pc year-to-date compared with the same period last year.
The July increase in the ATA index was reflected in higher US diesel demand, according to Energy Information Administration (EIA) data. In August, implied demand for distillate fuel oil, which includes ultra-low sulfur diesel (ULSD) reached 123.3mn bl.
US trade with Canada and Mexico reached yearly highs through the later stages of the third and early parts of the fourth quarter of 2019. Exports to Canada reached $25.3bn in August, while imports were highest in September at $26.9bn, according to US Census Bureau data. Trade exports to Mexico reached a high of $22.3bn in October, while imports from south of the border registered the highest total in August at $31bn.
EIA's Short Term Energy Outlook shows a -0.3pc decrease in demand for diesel in the first quarter of 2020 at 4.22mn b/d, but a 0.2pc uptick in diesel demand is forecast in the following three months. The EIA cited two factors for the slight dip in the first quarter tally. First, a decline in EIA's distillate fuel-weighted manufacturing index, which is forecast to fall by 1.3pc in the first quarter of 2020 compared with the first four months of this year. Secondly, the EIA forecasts 1.3pc fewer heating degree days in the Mid-Atlantic and New England regions, which the EIA estimates consumes about 80pc of the US heating oil usage.
More stable trucking industry growth is expected in 2020 with the implementation of the US-Mexico-Canada Trade Agreement (USMCA). USMCA, which will replace the 25 year-old North American Free Trade Agreement (NAFTA), passed the US House of Representatives on 19 December, with ratification in the Senate is expected in January 2020.
By Jason Metko
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Rising prices weigh on WAF gasoil imports
Rising prices weigh on WAF gasoil imports
London, 22 February (Argus) — Gasoil and diesel imports to west Africa are on track to slide to a 16-month low in February as rising prices weigh on demand. Vortexa data show 728,000t of gasoil and 10ppm diesel arrived in west Africa by sea on 1-21 February, equivalent to 34,700 t/d. This is 15,100 t/d lower than the daily average across the whole of January. Cameroon has not imported any at all so far this month after receiving 2,000 t/d in January. Imports to Ghana, Angola and Senegal are all down on a daily average basis. Market participants say buying interest in Ghana has been constrained by a weaker local currency, which has reduced access to US dollars. Currency depreciation is also affecting purchasing power in Nigeria, although gasoil imports to Nigeria have bucked the regional trend and are running 1,900 t/d higher so far this month than the January daily average. Market participants say traded volumes in the region have been below average this month. Higher prices are a key factor. The price of 10,000-20,000t high-sulphur gasoil cargoes delivered by ship-to-ship transfer at the regional offshore Lome trading hub in Togo were indicated at around $45/t above the front-month Ice gasoil futures contract on 22 February. For comparison, 30,000t cargoes of ultra low-sulphur diesel cif ARA were assessed at a much lower premium of $27.25/t to Ice gasoil on 21 February. Ice gasoil itself has rallied in recent weeks, hitting a more than three-month high of $918.25/t on 9 February as concerns over supply disruption in the Atlantic basin persist in the wake of attacks on commercial shipping by Yemen's Houthi rebels in and around the Red Sea, a key route for getting diesel and gasoil from east of Suez to northwest Europe. Inland shortfalls The drop in seaborne imports to west Africa is squeezing supply to inland countries in the landlocked Sahel region, which increasingly rely on volumes shipped to Togo. Gasoil and diesel imports to Togo have been on a downward trend since September last year and this is likely to continue this month, with only 27,500t arriving on 1-20 February, according to Vortexa. As a result, Togo and landlocked Burkina Faso, which relies entirely on overland deliveries, are currently experiencing a shortage of gasoil, market sources said. Another aggravating factor is landlocked Niger's inability to transport gasoil from its Soraz refinery by land to neighbouring Burkina Faso and Mali because of Islamist security threats along those countries' borders, one market participant said. The refinery has had to readjust run rates as it has built up ample gasoil stocks, the source added. Traders in Niger are exploring opportunities to export gasoil to neighbouring Chad instead. Chad is experiencing a shortage of gasoil after product from the country's 20,000 b/d Ndjamena refinery was sold to the Central African Republic at higher prices than domestic values, with traders taking advantage of the lack of Sudanese exports since the country's sole 100,000 b/d Khartoum refinery was bombed in November . The gasoil undersupply in the Sahel comes as Niger's president Abdourahamane Tiani, who took power in a coup in July last year, met with representatives from Togo, Burkina Faso, Mali and Chad on 17 February to discuss regional energy projects, with a view to reaching greater energy autonomy for the landlocked region. Tiani said in December last year that he wants an increase in domestic refining capacity , after a project to increase jet fuel yields at the Soraz refinery was delayed by July's coup. By George Maher-Bonnett Send comments and request more information at email@example.com Copyright © 2024. Argus Media group . All rights reserved.
Ship speeds on Red Sea rerouting to 'erode' GHG cuts
Ship speeds on Red Sea rerouting to 'erode' GHG cuts
Edinburgh, 22 February (Argus) — Ships increasing speed as they are forced to sail longer routes to avoid Houthi attacks in the Red Sea could "erode" environmental gains in shipping, the United Nations Conference on Trade and Development (UNCTAD) said today. The shipping sector has for over a decade reduced sailing speeds to cut fuel costs and reduce greenhouse gas (GHG) emissions, UNCTAD said. Speed optimisation is one of the solutions shipowners can consider to improve their rating under the International Maritime Organisation's (IMO) carbon intensity indicator (CII) measures which came into force in January 2023. Container ships' speeds for voyages around the Cape of Good Hope at the southern tip of Africa have increased since the Red Sea disruption started late last year. Container trade flows measured in tonnes account for over half of traffic through the Suez Canal, according to the Suez Canal Authority. Higher speeds are likely being used as a way of adhering to delivery schedules but also to manage fleet capacity, as longer routes mean vessels are employed for a longer period of time. UNCTAD said that these trends could erode environmental gains previously achieved by ships reducing speeds, or slow steaming. The organisation calculated that a ship increasing speed to 16 knots from 14 knots would increase bunker fuel consumption per mile by 31pc. "In this context, longer distances travelled due to rerouting away from the Suez [Canal] and through the Cape of Good Hope imply that greenhouse gas emissions for a round trip from Singapore to northern Europe would rise by over 70pc," it said. Ship tonnage entering the Gulf of Aden declined by over 70pc between the first half of December 2023 and the first half of February 2024, while ships passing the Cape of Good Hope increased by 60pc, UNCTAD noted. The security issues in the Red Sea have also affected insurance costs for shipowners, UNCTAD said. "By early February 2024, some reports indicate [risk] premiums rising to around 0.7pc to 1pc of a vessel's value, from under 0.1pc previously," UNCTAD said, citing a report by ratings agency Moody's. Ships avoiding the Suez Canal, particularly container vessels, also pose a risk to "global supply chains, potentially leading to delayed deliveries, heightened costs and inflation", it said. "The war in Ukraine had already shown the impact of longer distances and freight rates on food prices." UNCTAD estimates that about half of the increase in food prices observed in 2022 resulted from increased transport costs caused by longer distances and higher freight rates. By Caroline Varin Send comments and request more information at firstname.lastname@example.org Copyright © 2024. Argus Media group . All rights reserved.
Australia’s Qantas flags higher 2023-24 jet fuel costs
Australia’s Qantas flags higher 2023-24 jet fuel costs
Sydney, 22 February (Argus) — Australian airline Qantas Airways still expects to incur a record fuel bill in the 2023-24 fiscal year to 30 June, according to its half-year results. Its fuel costs are expected to be A$5.4bn ($3.54bn) at current fuel prices, inclusive of hedging, with 2023-24 jet fuel consumption, including sustainable aviation fuel, predicted to be 81,000 b/d or 19pc higher than the 68,000 b/d recorded in 2022-23. Qantas group's fuel expenditure in 2022-23 was A$4.6bn. New Airbus A321LR aircraft delivered to its budget subsidiary Jetstar are resulting in a 20pc improvement in fuel burn per seat, Qantas said, contributing to a 12pc unit cost improvement compared with the older A320 aircraft they will replace. The airline said this is helping it reach an interim emissions reduction target of 25pc by 2030 . Qantas ordered a further eight A321XLRs for domestic flights for a total order of 28, with the first aircraft arriving in early 2025. Qantas' domestic group capacity guidance for 2023-24 was left unchanged at 103pc of its pre-Covid-19 pandemic figure. But international capacity guidance, excluding Jetstar Asia, was revised down to 94pc from a previous 95pc. Jetstar Asia capacity will reach 42pc of the pre-Covid figure, Qantas said, up from a previous guidance of 40pc. Qantas' July-December profit after tax was A$869mn, down from A$1bn in the previous corresponding period, while revenue of A$11.1bn was up on the 2022-23 first-half figure of A$9.9bn. By Tom Major Send comments and request more information at email@example.com Copyright © 2024. Argus Media group . All rights reserved.
Auge de nearshoring en México depende del 2024
Auge de nearshoring en México depende del 2024
Mexico City, 20 February (Argus) — Las políticas energéticas de México durante este año de elecciones presidenciales ayudarán a determinar si el país está preparado para alcanzar el tan ansiado auge del nearshoring, ya que se espera que el desarrollo de parques industriales se expanda en 2024. México podría exportar cerca de $168 mil millones adicionales entre 2023 y 2028 como resultado de la tendencia de trasladar cadenas de producción más cerca de EE.UU. para evitar retrasos logísticos como los observados durante la pandemia, dijo Alejandro Cervantes Llamas, jefe de investigación cuantitativa del banco mexicano Banorte. Pero la mayor parte de estas exportaciones fluirán durante los últimos tres años de dicho período, una vez que las instalaciones y la infraestructura industrial planificadas sean operativas. Alrededor de $10 mil millones adicionales del total de $168 mil millones en exportaciones llegaron en 2023, añadió Banorte. Mientras tanto, la Cámara de Comercio Internacional (CCI) estima que México verá $38.6 millones de inversión extranjera directa relacionada con el nearshoring en 2024. Hasta el momento solo se ha anunciado 40pc del desarrollo esperado, pero es probable que surjan más proyectos en 2024, dijo Ramsé Gutiérrez, vicepresidente de asesoramiento financiero de inversiones Franklin Templeton México. Sin embargo, el éxito del nearshoring depende de la capacidad que tenga México para proporcionar a la industria en auge la infraestructura necesaria, especialmente electricidad y gas natural, lo que a su vez impulsaría a la demanda de combustibles para motores. La demanda de importaciones de gas por parte de México aumentará de 7.8 Bcf/d en 2023 a 9.3 Bcf/d en 2026, según un estudio realizado por el operador estatal de gasoductos Cenagas el año pasado. Energía para el nearshoring México también necesita invertir $116.8 mil millones — $7.78 mil millones/año en promedio durante los próximos 15 años — en generación y distribución de energía para satisfacer la creciente demanda, de acuerdo con un informe reciente de CCI Mexico. El informe sostiene que, con un crecimiento anual del PIB de 2.4pc, México necesita construir 58,900km de líneas de transmisión y añadir 34.5 GW en capacidad de generación nueva, así como 14.1 GW en capacidad de generación de sustitución hasta 2037. Las estimaciones se basan en factores de carga de 87pc ciclo combinado de gas, de 25pc para plantas solares y 38pc para generación eólica. Además, México necesita otros 800km de líneas/año por punto de crecimiento adicional del PIB. También debe desarrollar una industria alrededor del Corredor Interoceánico del Istmo de Tehuantepec con enlaces ferroviarios, carreteros y gasoductos desde el océano Pacífico hasta el Golfo de México, así como en la península de Yucatán, dijo Osmar Zavaleta, decano asociado de investigación en la Escuela de Negocios Tec de Monterrey. Pero esto será un reto continuo, dado que las empresas extranjeras tienen profundos compromisos con las energías renovables, en tanto que las iniciativas gubernamentales de los últimos años han dificultado el desarrollo de proyectos solares y eólicos privados. Los proyectos de generación solar han experimentado un auge en los últimos años, a medida que la regulación presiona a los proyectos más grandes del sector privado. Este segmento menos regulado está limitado a una capacidad de generación de 500 kW. Sergio Arguelles, presidente de la Asociación Mexicana de Parques Industriales, lleva más de un año y medio ejerciendo presión sobre las autoridades mexicanas para aumentar la energía renovable autogenerada permitida a más de 500 kW. Con las elecciones presidenciales de México previstas para junio, tanto la candidata Claudia Sheinbaum como su principal competidora Xóchitl Gálvez han indicado su apoyo al crecimiento acelerado de las energías renovables para el próximo periodo presidencial de seis años que finaliza en 2030. Con Sheinbaum, quien encabeza las recientes encuestas con una ventaja de dos dígitos, es más probable ver el crecimiento de la capacidad verde impulsado por la empresa estatal de electricidad CFE, mientras que Gálvez apoya una mayor participación del sector privado. Otro reto al que se enfrenta México sigue siendo la inseguridad, especialmente en los estados fronterizos del norte, donde la inversión extranjera directa más fluida dependerá de la capacidad del gobierno para controlar a las organizaciones criminales de la región. Por James Young Inversiones clave de nearshoring en México $ miles de millones Compañía Tipo de proyecto Inversión Ubicación Fecha de anuncio Tesla Autos eléctricos 15.0* Nuevo León 28 Feb 23 Pacific Limited Gas natural 14.0 Sonora 4 Mayo 23 Copenhagen Infrastructure Energía eólica / H2 verde 10.0 Oaxaca 24 Nov 23 Lingong Machinery Gr Manufactura pesada 5.0 Nuevo León 16 Oct 23 TC Energy Gaseoductos 4.5 Veracruz, Tabasco 27 Sep 22 Ternium Acero y metales 3.2 Nuevo León 10 Jun 23 HDF Energy H2 verde 2.5 Baja California Sur 5 Dic 23 Transition Industries Ultra-bajo carbón 2.0 Sinaloa 11 Dic 23 Engie Mexico Gas natural 1.6 Multiples estados 18 Ago 23 Tarafert Fertilizantes 1.5 Durango 17 Feb 23 Artículos de Argus, Análisis Económico Banorte *Incluye inversiones estimadas de proveedores de la planta de Tesla. Send comments and request more information at firstname.lastname@example.org Copyright © 2024. Argus Media group . All rights reserved.
Marine fuel global weekly market update
Marine fuel global weekly market update
New York, 20 February (Argus) — A weekly Argus news digest of interest to the conventional and alternative marine fuel markets. To speak to our team about accessing the stories below and access to Argus Marine Fuels , please contact email@example.com. Alternative marine fuels 16 February CMA CGM takes first of 10 LNG-fueled vessels France-based shipping company CMA CGM will take delivery of the first of a series of 10 LNG-fueled container ships this month. 16 February Egypt to load 8-10 more LNG cargoes by end-winter: Eni Egypt could load 8-10 more LNG cargoes "before the end of the winter season", Eni said today. 16 February South Korean refiners opt to co-process biofuels A lack of regional mandates and retreating European demand for hydrotreated biofuels this year has pushed back timelines for new capacity start-ups in Asia-Pacific, driving South Korean refiners to favour co-processing rather than standalone biofuel plants. 15 February WSC proposes fossil-green fuel price gap close The World Shipping Council (WSC) proposed a green balance mechanism to close the price gap between conventional and sustainable marine fuels. 15 February Singapore LNG bunker sales at 5-month high Singapore LNG bunker sales reached a five-month high in January, according to data from Maritime & Port Authority of Singapore (MPA), driven by competitive prices compared with conventional marine fuel. 15 February Lake Charles Methanol to build $3.2bn low-CO2 plant Lake Charles Methanol II announced plans to build a $3.2bn plant that will produce low-carbon intensity methanol and other chemicals at the Port of Lake Charles. 15 February Singapore LNG bunker sales at 5-month high Singapore LNG bunker sales reached a five-month high in January, according to data from Maritime & Port Authority of Singapore (MPA), driven by competitive prices compared with conventional marine fuel. 15 February Maritime sector most promising for H2 in transport: HE The maritime sector provides most opportunities for use of hydrogen-based synthetic fuels in the transport sector, according to a survey carried out by industry body Hydrogen Europe. 15 February JBS says its B100 biodiesel has same yield as diesel Global meat producer JBS said that its 100pc biodiesel fuel (B100) — unblended biodiesel — has an energy efficiency equivalent to diesel and emits up to 80pc less carbon dioxide, based on tests on one of its trucks. 15 February Off-spec bio-blends widen pricing spread The range of prices for marine biodiesel blends in Europe has widened as cheaper product that does not meet the region's diesel engine specifications — as defined by the European EN14214 standard — gains market share. 15 February China turns to domestic ammonia output boost Increased domestic production capacity and weaker downstream industrial demand has the potential to weigh on China's ammonia imports this year. 15 February Mabanaft to build green methanol plant in Australia Hamburg-based Mabanaft has received approval to build a new green methanol plant in Port Augusta, located in southern Australia. 14 February Emerging LNG markets to absorb extra supply: Shell Emerging gas markets in China, southeast and south Asia will absorb much of the increase in LNG supply for the rest of this and the next decade, having been constrained by high prices in 2022-23, Shell said in its global LNG outlook, published today. 14 February Avoid offsets, ETS for carbon removals: Study Carbon dioxide removal (CDR) activities should be promoted for the "right reasons" and at the "right scale", and should not be financed through carbon offset credits or included in emissions trading systems (ETS), according to a recent study by the Institute for Responsible Carbon Removal at American University. 14 February Indonesia ammonia production at risk of curtailments Indonesian ammonia producers could be forced to consider production curtailments or outages if southeast Asian loading prices fall much further. 14 February More than 100 US biogas plants to start up in 2024 The American Biogas Council said 96 new biogas projects with a combined production capacity of 66,000 ft³/minute (9.82bn m³/yr) became operational in the US in 2023. It expects over 100 more to start up this year and said output from these will mostly be used for transportation fuel instead of power production. 14 February Chinese yard advances 271,000m³ LNG carrier orders French engineering firm Gaztransport and Technigaz (GTT) has received an order for eight 271,000m³ LNG tanks from a Chinese shipyard, with delivery of the vessels to be fitted with the tanks scheduled between the second quarter of 2028 and fourth quarter of 2029, GTT said. 14 February SE Asian UCO sees limited hit from US fast-food boycott A consumer boycott on US fast food outlets in support of Palestine is affecting some Indonesian and Malaysian used cooking oil (UCO) supplies, but market participants said the overall impact should be limited. 13 February Carnival commissions new LNG-fueled vessel US cruise ship operator Carnival has ordered a newbuild dual-fuel LNG-powered vessel for delivery in spring 2027. 13 February US House readies vote to end LNG review pause President Joe Biden's temporary pause on the review of new US LNG export facilities could face its first congressional test with a vote on a Republican-backed bill that would eliminate federal licensing of those projects. 13 February LNG carrier declares for Greece's Alexandroupolis The TotalEnergies-chartered 174,000m³ Gaslog Hong Kong has declared for arrival at Greece's new 4.3mn t/yr Alexandroupolis import terminal on 15 February, and could deliver the facility's first cargo. 13 February EU hydrogen plan relies on uncertain imports: T&E The EU should not rely on uncertain imports to meet its overly-ambitious hydrogen targets, says a study commissioned by the Brussels-based climate group Transport & Environment (T&E). 12 February Red Sea issues impact European methanol, derivatives Volatility in shipping markets following attacks in the Red Sea is impacting Europe's methanol market indirectly through higher freight rates and has directly impacted European derivative markets, as a result of reduced vessel availability and rerouting. 12 February Qatar taps Nakilat for second phase LNG fleet expansion State-owned QatarEnergy has selected Qatari state-controlled shipowner Nakilat for the ownership and operation of 25 174,000m³ LNG carriers, to be built at an unnamed shipyard in South Korea. 12 February SBTi validates Maersk's GHG emission reduction targets Danish shipping firm Moller-Maersk has become the first company to have its greenhouse gas (GHG) emissions targets validated under new maritime guidance from the UN-backed Science Based Targets initiative (SBTi). 12 February Spanish independent biodiesel producers under pressure Smaller Spanish biodiesel producers remain under pressure from thin margins that are cutting profits and shutting in some output. They are not being supported by domestic demand, which fell to a seven-year low in 2023. 12 February Mabanaft to apply for ammonia import terminal permit German energy trading firm Mabanaft expects to submit a permit application for its planned 1.2mn t/yr ammonia import terminal at Hamburg in the spring of this year. Alternative marine fuels 16 February Fujairah bunker premiums weaken as ships reroute Delivered bunker premiums have fallen in Fujairah, UAE, the world's third largest bunkering centre. Demand has weakened in recent weeks as a result of route diversions, stemming from the tense security situation in the Red Sea. 16 February US Gulf coast fuel oil spreads widest in 11 months Sulphur spreads between US Gulf coast residual fuel oil grades have reached the widest in 11 months, but that could change as refinery turnarounds likely wind down by late February or early March. 16 February Brazil's Paranagua cargo handling rises in January Cargo handling in Brazil's southern Paranagua and Antonina ports increased by 20pc in January from the same month last year, driven by higher exports and imports. 16 February Brazil's Paranagua port seeks to reach net zero by 2035 Brazil's port of Paranagua is working on a decarbonization plan for delivery by the end of 2026 to help it reach net zero balance greenhouse gas (GHG) emissions by 2035 by developing renewable energy sources such as biogas and hydrogen. 16 February Tanker targeted in Red Sea A Panama-flagged tanker was targeted by a missile in the Red Sea today around 72 miles northwest of Mokha, Yemen, according to security firm Ambrey. 16 February Japan's NYK taps demand for chemical tankers Japanese shipping company Nippon Yusen Kaisha (NYK Line) plans to receive six chemical tankers from late 2026 to 2029, in anticipation of potential demand growth for petrochemical products. 15 February Upper Mississippi ice report canceled on warm weather An annual government ice measurement program for shipping on the upper Mississippi River was canceled this year because of unseasonably warm weather. 15 February Scorpio Tankers upbeat on clean tanker rates New York-listed Scorpio Tankers said it expects strong market fundamentals to keep clean tanker freight rates elevated, even if disruptions to trade flows dissipate. 15 February Magellan Corpus Christi terminal doing maintenance US crude and refined products pipeline operator Magellan Midstream reported maintenance at its Corpus Christi, Texas, marine terminal. 15 February ARA oil products stocks increase on weaker demand Independently-held oil product stocks at the Amsterdam-Rotterdam-Antwerp (ARA) trading hub hit their highest since mid-August, reaching 5.67mn t in the week to 14 February, according to consultancy Insights Global, as demand in the region slowed down. 15 February Panama Canal freezes customer priority ranking The Panama Canal Authority (ACP) will freeze its customer priority ranking used to secure transit slots while temporary water-saving measures remain in place. 15 February Singapore's oil product stocks inch higher Singapore's overall oil product inventories inched upwards, driven by a surge in middle distillate imports, despite both light and heavy distillate stocks falling close to a 2½ month low, showed latest data from Enterprise Singapore. 14 February Petrobras working to rebuy refinery: CEO Brazil's state-controlled Petrobras is in talks with Abu Dhabi's Mubadala to buy the 300,000 b/d Mataripe refinery back, Petrobras' chief executive Jean Paul Prates said on social media. 14 February HSFO Med/NWE spread reaches near seven-month high High-sulphur bunker fuel in the west Mediterranean moved to its strongest premium to northwest Europe this week as attacks by Houthi rebels squeeze supply. 14 February Vitol can do with Saras what Saras cannot do alone Vitol's takeover of Italian independent refiner Saras, set in motion this week, could turn the latter into a specialised tool within the trading company's diverse business, while giving it a stronger footing to compete with rival Trafigura in Mediterranean oil markets. 14 February South Korea lifts 2023 light distillates output South Korean refiners increased light distillates production in 2023, while gasoil output fell. 13 February BP terminals low on fuel due to Whiting refinery outage BP told wholesale fuel customers it is buying refined products on the market to meet contractual obligations amid the continuing outage of its 435,000 b/d Whiting, Indiana, refinery. 13 February Outages hit Ecuador's 2023 refinery production Ecuador's three oil refineries of Esmeraldas, La Libertad and Shushufindi processed an average 146,235 b/d of crude in 2023, down by 5.3pc compared with the previous year, according to operator state-owned Petroecuador's data. 13 February Japan's bonded marine fuel sales fall in 2023 Japan sold less bonded marine fuel in 2023 compared with a year earlier, pressured by limited supply from domestic refineries owing to a series of disruptions. 12 February Suriname refinery undergoing 7-week turnaround Suriname's state-owned oil company Staatsolie's 15,000 b/d Tout Lui Faut refinery will undergo a seven-week turnaround starting on 16 February, Staatsolie said. 12 February US refiners shrug off dip in earnings US refiners' fourth-quarter financial results so far reveal a dip in earnings from the bumper profits of 2022, but the sector remains on a profitable footing and confident. 12 February India's MRPL plans refinery maintenance in Aug-Sep Indian state-controlled refiner MRPL plans to conduct a maintenance turnaround at one unit of its 311,000 b/d Mangalore refinery for around three weeks during August-September, a top official from the company told Argus. 12 February Atlantic basin diesel faces tight spring European diesel markets could be facing a tight spring as refinery maintenance and disruptions in the Red Sea make resupply difficult and expensive. Send comments and request more information at firstname.lastname@example.org Copyright © 2024. Argus Media group . All rights reserved.