Greece to release tanker suspected of sanctions breach
Greece will release a tanker that was seized earlier this week off the coast of the island of Evia on suspicion of violating EU sanctions against Russia, the Greek coastguard told Argus.
The Pegas was detained off the coast of Evia, Greece's second-largest island, on 15 April and has since been kept berthed at the port of Karystos under the orders of the national anti-money laundering authority. The Greek coastguard said a review has found the tanker was not in breach of sanctions and could be released as soon as tonight.
The ship had 19 Russian sailors aboard, along with an oil cargo that was initially set to be transferred onto another vessel but remains on the Pegas.
The coastguard said the tanker is being released as it was found not to be in violation of EU restrictions. As of 16 April, Russia-flagged vessels have been banned from entering EU ports, with exemptions for tankers that carry "agricultural and food products, humanitarian aid and energy".
The Pegas — renamed Lana in March, according to the International Maritime Organisation (IMO) — was among five vessels sanctioned by the US on 22 February, two days before Russia's invasion of Ukraine, as part of measures against a unit of Russian state-owned bank Promsvyazbank. Of the five sanctioned tankers, the Pegas, the Baltic Leader and the Linda are now listed in IMO records as owned by Russian company Transmorflot.
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Europe receives straight run fuel oil from Dangote
Europe receives straight run fuel oil from Dangote
London, 15 May (Argus) — A cargo of low-sulphur straight run fuel oil (LSSR) produced at Nigeria's 650,000 b/d Dangote refinery has been delivered to Europe for the first time. The 90,000t cargo was loaded at Dangote's terminal in Lekki on 25 April and discharged in Rotterdam on 13 May, according to data from trade analytics firm Kpler. The cargo will likely be used as a blendstock to produce very-low sulphur fuel oil (VLSFO), market participants said. Roughly 72pc of the fuel oil exported from Dangote has been delivered to the US since the refinery offered its first LSSR export tender in mid-February . A total of just under 620,000t has been delivered so far. Another LSSR shipment of 83,400t departed the refinery on 7 May, according to trade analytics firm Vortexa. It is scheduled to arrive in France on 22 May, but market participants say this is unlikely to be the cargo's final destination. LSSR price assessments on a fob Amsterdam-Rotterdam-Antwerp (ARA) basis have stayed at a $5/bl premium to front-month Ice Brent crude futures this week, narrowing from an 18-month high of $7.50/bl in mid-April . Maintenance work that began in the first quarter affected fluid catalytic cracking (FCC) units at some refineries. FCCs take LSSR and low-sulphur vacuum gasoil to increase gasoline yields. By Isabella Reimi and Bob Wigin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Eni cuts scope 1, 2 upstream emissions by 40pc in 2023
Eni cuts scope 1, 2 upstream emissions by 40pc in 2023
Edinburgh, 15 May (Argus) — Italy's Eni said today that it has cut its net scope 1 and 2 emissions in the upstream sector by 40pc in 2023, compared with a 2018 baseline. Eni has also cut scope 1 and 2 emissions by 30pc for the whole business during the same period, it said. Scope 1 refers to emissions directly stemming from an organisation's activity, while scope 2 refers to indirect emissions from purchased energy. The firm has a target to be net zero upstream for scope 1 and 2 emissions by 2030, and by 2035 for the whole company. It also has a goal of being net zero across all its businesses, including scope 3 emissions that are generated by use of its products, by 2050. Eni said it agrees with the UN Cop 28 deal struck by almost 200 countries in Dubai last year, and for "the need for the energy transition to take place in a fair, orderly, just and pragmatic manner". But it added that this includes expanding its gas portfolio, as well as investing to reduce emissions from oil and gas output. It said investing in gas is "a bridging vector in the energy transition pathway", citing the acquisition of Neptune Energy and the start of LNG production in Congo (Brazzaville). Eni completed the purchase of assets of gas-focused UK-based independent Neptune Energy in January. The Cop 28 agreement acknowledges the need to transition away from fossil fuels in energy systems "so as to achieve net zero by 2050 in keeping with the science", but it also "recognises that transitional fuels can play a role in facilitating the energy transition while ensuring energy security". Some climate non-governmental organisations and countries particularly vulnerable to the effect of climate change have warned that this could create loopholes benefiting the development of fossil fuel resources, including natural gas. Eni in March said that it has cut its spending plans by around 20pc through to 2027 as it looks to focus on the quality of upstream projects and streamlined development to grow its oil and gas production by an annual 3-4pc. "Natural gas will continue expanding its share of production," Eni chief executive Claudio Descalzi said. The firm is also looking to raise its renewable energy capacity to 4GW this year from 3GW at the end of last year, and then double this to more than 8GW by 2027. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US inflation slows broadly in April
US inflation slows broadly in April
Houston, 15 May (Argus) — US consumer price gains eased in April, with core inflation posting the smallest gain in three years, signs the economy is slowing in the face of high borrowing costs. The consumer price index (CPI) rose by an annual 3.4pc in April, easing from 3.5pc over the prior 12-month period, the Labor Department reported on Wednesday. Core CPI, which strips out volatile food and energy, rose by 3.6pc, slowing from 3.8pc the prior month. The easing inflation comes as the Federal Reserve has pushed back the expected start of interest rate cuts after holding its target rate at a 23-year high since July 2023 as the US economy has continued to grow and generate jobs at greater than expected rates. Job growth however slowed to 175,000 in April, the lowest since October 2023, and job openings and wage gains have also slowed while a measure of manufacturing has contracted. The CME FedWatch tool boosted the probability of Fed rate cuts in September to about 72pc today from about 65pc on Tuesday. The energy index rose by 2.6pc over the 12 months ended in April, accelerating from 2.1pc. The gasoline index slowed to an annual 1.2pc in April from 1.3pc The food index rose by an annual 2.2pc, matching the prior month. Shelter slowed to 5.5pc from 5.7pc. Services less energy services slowed to 5.3pc from 5.4pc. Transportation services accelerated to an annual 11.2pc, led by insurance costs, from 10.7pc in the 12 months through March. On a monthly basis, CPI inflation slowed to 0.3pc in April from 0.4pc the prior two months. Core inflation slowed to 0.3pc from 0.4pc the prior three months. Energy held flat at a monthly 1.1pc. Services less energy services slowed to a monthly 0.4pc gain from 0.5pc. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore’s bunker sales hit 10-month low in April
Singapore’s bunker sales hit 10-month low in April
Singapore, 15 May (Argus) — Singapore's April bunker sales fell to a 10-month low on weak very-low sulphur fuel oil (VLSFO) demand. But consumption of high-sulphur fuel oil (HSFO) and B24 biofuel bunkers remained firm. Singapore VLSFO bunker sales fell to at least a 15-month low of 2.25mn t in April, according to data from the Maritime and Port Authority of Singapore. This came because of slower demand as more buyers turned to lower-priced HSFO. Singapore HSFO sales accounted for a 42pc share of total fuel oil sales in April, up from a 31pc share a year earlier. Disruptions in the Red Sea led to increased fuel usage by ocean-going vessels with higher rates of scrubber technology adoption, raising demand for HSFO by a greater extent than for VLSFO. Consumption of bio-blended VLSFO, or B24, climbed by 61pc on the year because buying interest gained traction, but slipped by 10pc from strong consumption in March . LNG bunker sales rose by over sixfold on the year but edged down from a record high in March . By Cassia Teo and Asill Bardh Singapore bunker sales 000t Apr-24 m-o-m ± % y-o-y ± % Jan-Apr 2024 ± % Low-sulphur fuel oil (LSFO) 2,252 -6.9 -16 10,088 -2.2 Marine fuel oil (MFO) 1,600 0.0 31 6,466 32 Low-sulphur MGO (LSMGO) 277 -11.0 -11 1,201 -3.0 Bio-blended LSFO 60 -10.0 61 186 53 Liquified natural gas (LNG) 36 -7.9 582 111 N/A MGO 9.7 88.0 -37 43 -9.2 Marine diesel oil (MDO) 0.0 N/A N/A 0.0 N/A Bio-blended MDO 0.0 N/A N/A 0.0 N/A Bio-blended marine gasoil (MGO) 0.0 N/A N/A 0.0 N/A Bio-blended LSMGO 0.0 N/A N/A 0.0 N/A Bio-blended MFO 0.0 N/A -100 0.0 -100 Ultra low sulphur fuel oil (ULSFO) 0.0 N/A N/A 0.0 N/A Bio-blended ULSFO 0.0 N/A N/A 0.0 N/A Methanol 0.0 N/A N/A 0.0 N/A Total 4,235 -4.7 -0.6 18,096 8.9 Source: MPA Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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