Marine fuel global weekly market update
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: marinefuels@argusmedia.com.
Alternative marine fuels
19 May Spain's Solatio plans green ammonia projects in Brazil Spanish solar energy company Solatio is planning to develop two renewable ammonia production plants in …
19 May Danish plant could produce e-methanol by year end Denmark-based renewables developer European Energy has started construction of a …
19 May Japan's Mol to charter methanol-fuelled methanol ship Japanese shipping company Mitsui OSK Line (Mol) plans to charter a new methanol-fuelled methanol carrier, which …
18 May Share of biofuel in Sweden's road fuel mix up in March The share of biofuels in Sweden's road fuel mix rose for the second consecutive month in March, tracking …
17 May EU biodiesel imports at six-month low: Eurostat EU biodiesel imports fell to a six-month low in March because of …
17 May White House starts review of 2023-25 biofuel rule President Joe Biden's administration has started a final review of biofuel blending requirements from …
17 May Japan's NYK adds fourth LNG-fuelled car carrier Japanese shipowner Nippon Yusen Kaisha (NYK Line) has launched its fourth LNG-fuelled car carrier, as part of …
17 May Infrastructure issues to keep market tight Limited floating storage and regasification (FSRU) shipbuilding availability and rising costs for new liquefaction terminals could …
17 May Ammonia accident would be huge setback: Vopak An increasingly broad swath of industrial sectors have turned their attention to clean ammonia …
17 May Portugal biofuels imports and blending rose in March Portuguese biofuel blending increased in March as …
16 May Envitec to start up four biomethane plants in the US Germany's Envitec Biogas said it plans to start operations "in due course" at four of the …
16 May Corsica Linea signs LNG ferry maintenance agreement French Mediterranean ferry operator Corsica Linea has signed an agreement with Finnish engineering firm Wartsila to …
16 May Japan's K Line to charter LNG-fuelled LNG carrier Japanese shipping firm Kawasaki Kisen Kaisha (K Line) has agreed with domestic trading house Mitsubishi to charter …
16 May Trinidad's March ammonia, methanol output slip Trinidad and Tobago's March ammonia and methanol production both declined in March from a year earlier, reflecting reduced …
16 May EnBW, NYK sign charter agreement for four LNG carriers German utility EnBW has signed long-term charter contracts with Japanese shipping firm NYK Line for …
15 May Egypt signs deal for 40,000 t/yr e-methanol plant Egypt's state-owned Alexandria National Refining and Petrochemicals (ANRPC) and the Egyptian Company for Bioethanol have …
15 May Dutch Stamicarbon to design US green ammonia plant Dutch fertiliser plant technology firm Stamicarbon is to design a US plant for …
15 May Ammonia-run ships for W. Australia exports by 2028: GMF Vessels running on clean ammonia could be deployed on the iron ore route from Western Australia to …
15 May Portuguese LNG sendout ticks up Sendout from Portugal's 6.9mn t/yr Sines import terminal so far this month is on track to rise to …
15 May Spanish biodiesel demand rises, 2022 data revised up Spanish biodiesel demand rose slightly in March …
Conventional marine fuels
19 May PetroEcuador's fuel oil exports rise in 1Q State-owned PetroEcuador said it exported 2.6mn bl (29,210 b/d) of fuel oil in the first quarter of this year, up by …
19 May Fuel oil stock draw pressures ARA product inventories Independently-held oil product stocks at the Amsterdam-Rotterdam-Antwerp (ARA) trading hub shrunk by …
19 May Petrobras suits up for market share battle Changes to Petrobras' pricing policy for diesel and gasoline give the state-controlled company more …
19 May China halves April diesel exports from month ago China's April diesel exports halved from March to hit a …
19 May Higher Chinese coal stocks dampen Pacific Panamax rates Freight rates for Pacific dry bulk Panamax have fallen to a …
19 May Mediterranean refiners voice Russia sanctions ire Refiners in the Mediterranean are becoming increasingly vocal over what they see as …
19 May Diesel dominates Australia's March product imports Australia's refined oil product imports for March were stable against …
18 May Fire reported at Mexico's largest refinery A fire broke out this morning around 10:00am ET at Pemex's …
18 May Tame diesel prices reflect European demand malaise An industrial slowdown impacting European diesel demand appears to be the key driver of the …
18 May Bahrain Sitra refinery upgrade 90pc complete: Source Bahrain's Sitra refinery modernisation and expansion project is more than 90pc complete and will be ready by the end of …
18 May South Korea's GS Caltex seeks rare June-delivery VLSFO South Korean refiner GS Caltex has sought very-low sulphur fuel oil (VLSFO) for June delivery, in a departure from …
18 May Oman readies Duqm secondary units ahead of start-up Oman has begun commissioning secondary units at its new 230,000 b/d Duqm refinery, in preparation for …
18 May Taiwan's CPC to not offer June gasoil on maintenance Taiwanese state-owned refiner CPC is likely to skip its spot offers for June-loading cargoes of ultra-low sulphur diesel while its …
18 May IMO states call for tighter measures on STS transfers Member states of the International Maritime Organisation (IMO) have called for more action to be taken to prevent ‘dark shipping' ship-to-ship (STS) …
17 May Imports from Kuwait weigh on Fujairah bunker market Muted demand and ample supplies of 0.5pc marine fuel in the UAE's Fujairah — the world's third largest bunkering port — have pushed …
17 May Singapore's MPA will not renew New Maritime's licence The Maritime and Port Authority of Singapore (MPA) will not renew Singapore-based New Maritime's bunker craft operator licence, which will expire …
16 May Jamaica to lift asphalt output as HFO demand wanes Jamaica's state-owned oil refiner Petrojam's asphalt production will increase almost five-fold …
16 May Exmar shipping 1Q23 profits jump Belgian LPG shipowner Exmar's profits from its shipping division increased …
16 May Petrobras alters fuel pricing policy Brazil's state-controlled Petrobras is changing its pricing policy for oil products, ditching …
15 May Lowest Ice gasoil volume for delivery since January A total of just 123,200t of Ice May gasoil futures were held at the expiry of the contract on 11 May, which means …
15 May Singapore bunker sales rebound in April Singapore's bunker sales in April totalled 4.25mn t, which was …
15 May China releases second batch of VLSFO export quotas China has released a combined …
15 May Indonesia implements VLSFO price reduction Indonesia's state-owned Pertamina has reduced its Indonesian very low-sulphur fuel oil (VLSFO) bunker prices by about …
15 May Heydar Aliyev refinery to produce ULSD by summer Azeri state-owned Socar's 240,000 b/d Heydar Aliyev refinery is to start producing Euro-5 specification diesel by …
Related news posts
India's Fact issues tender to buy 15-15-15
India's Fact issues tender to buy 15-15-15
London, 29 April (Argus) — Indian fertilizer producer and importer Fact has issued a tender to buy two 20,000-30,000t lots, plus or minus 10pc, of 15-15-15 product. The tender closes on 13 May at 14:30 Indian Standard Time (IST). The first shipment should be delivered to the port of New Mangalore before 20 June, and the second to Tuticorin during 1-15 July. If suppliers cannot meet these timelines, they can offer to the nearest available date, and these submissions will be considered in the absence of offers that match Fact's desired dates. Offers can be made for either shipment or both. By David Maher Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
BP inks another LNG deal with Korea's Kogas: Correction
BP inks another LNG deal with Korea's Kogas: Correction
Corrects total volume of LNG supplied in paragraph 2 Singapore, 29 April (Argus) — BP has signed another long-term LNG sales and purchase agreement with South Korean state-owned importer Kogas, the former said today. BP will provide Kogas with up to 9.8mn t of LNG over 11 years from mid-2026 on a des basis. But other details regarding pricing and the origin of the contracted supplies were not available. This most recent deal is in addition to the existing long-term sales and purchase agreement between the two companies that was signed in 2022. Kogas on 22 April 2022 signed an 18-year LNG purchase agreement to buy 1.58mn t/yr of LNG from BP that will begin in 2025. Australian independent Woodside Energy and Kogas in February signed a sales and purchase deal for term supplies of LNG to South Korea. The deal for 500,000 t/yr on a des basis will start in 2026 and run for 10½ years. Kogas may be seeking more imported term supply as the firm has increased its downstream contractual supply deals. Kogas signed a series of deals to supply gas to subsidiaries of the country's state-controlled utility Kepco in December 2023. By Simone Tam Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
S Korea’s SK Innovation sees firm 2Q refining margins
S Korea’s SK Innovation sees firm 2Q refining margins
Singapore, 29 April (Argus) — South Korean refiner SK Innovation expects refining margins to remain elevated in this year's second quarter because of continuing firm demand, after achieving higher operating profits in the first quarter. SK expects demand to remain solid in the second quarter given a strong real economy, expectations of higher demand in emerging markets and continuing low official selling price (OSP) levels. This is despite the US Federal Reserve's high interest rate policy and oil price rallies, which are weighing on crude demand. The company's sales revenue dropped to 18.9 trillion won ($13.7bn) in the first quarter, down by 3.5pc on the previous quarter. Its energy and chemical sales accounted for 91pc of total revenue, while battery and material sales accounted for the remaining 9pc. But SK's operating profit increased to W624.7bn in January-March from W72.6bn the previous quarter. This came as its refining business flipped from an operating loss of W165bn in October-December to an operating profit of W591.1bn in the first quarter. SK attributed this increase to elevated refining margins because of higher oil prices, as well as Opec+ production cut agreements and OSP reductions. First-quarter gasoline refining margins almost doubled on the previous quarter from $7.60/bl to $13.30/bl, although diesel and kerosine edged down to $23.10/bl and $21.10/bl respectively. SK Innovation's 840,000 b/d Ulsan refinery operated at 85pc of its capacity in the fourth quarter, steady from 85pc in the previous quarter but higher than 82pc for all of 2023. The refiner's 275,000 b/d Incheon refinery's operating rate was at 88pc, up from 84pc in the fourth quarter and from 82pc in 2023. SK plans to carry out turnarounds at its 240,000 b/d No.4 crude distillation unit and No.1 residual hydrodesulphuriser, both at Ulsan, in the second quarter. Its No.2 paraxylene unit in Ulsan will have a turnaround in the same quarter. By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore’s Jadestone cuts 2024 output guidance
Singapore’s Jadestone cuts 2024 output guidance
Sydney, 29 April (Argus) — Singapore-listed independent Jadestone Energy has cut its 2024 oil and gas production guidance, citing disappointing first-quarter group production. Jadestone said the impact of planned and unplanned downtime across its portfolio resulted in it narrowing its guidance from 20,000-23,000 bl of oil equivalent (boe/d) to 20,000-22,000 boe/d in its results for 2023 published on 29 April. Average production for January-March was 17,200 boe/d, which Jadestone said reflected the impact on its Australian assets, including the 6,000 b/d Montara oil field, of an active cyclone season at the start of 2024. The firm produced 14,000 b/d in 2023, up from 11,500 b/d in 2022. But problems at Montara and lower realised oil prices resulted in a loss of $91mn in 2023 following a $9mn profit recorded in 2023. Jadestone's realised oil price of $87.34/boe in 2023 was 16pc lower than $103.85/boe a year earlier. Proved and probable reserves at the end of 2023 totalled 68mn boe, a 5pc increase on a year's earlier 64.8mn boe, mainly because of the acquisition of a 9.52pc stake in Thailand's Sinphuhorm gas field and increases at the Cossack, Wanaea, Lambert and Hermes oil fields offshore Australia and the Akatara gas field in Indonesia's Sumatra. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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