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
7 July IMO sets 2050 net zero target in revised GHG strategy The International Maritime Organisation adopted a revised greenhouse gas (GHG) emissions strategy today at the 80th meeting of its Marine Environment Protection Committee (MEPC 80) in London.
7 July IMO revised GHG strategy gets mixed reactions The International Maritime Organisation's (IMO) adoption of its revised greenhouse gas (GHG) strategy today has received mixed reactions from industry and nation states.
7 July Q&A: HVO blend in Swedish diesel could drop below 1pc The Swedish government proposed to cut the country's greenhouse gas (GHG) reduction quota mandate for gasoline and diesel to 6pc for 2024-26, from the previously legislated 30pc for diesel and 7.8pc for gasoline in 2024. This could see the share of HVO blended in the country's diesel pool fall below 1pc by volume, Swedish Bioenergy Association's (Svebio) program director and biofuel expert Tomas Ekbom told Argus.
7 July Taiwan's WHL sets elevated GHG shipping emissions goals Taiwan-based container shipping company Wan Hai Lines' (WHL) has set itself greenhouse gas (GHG) emissions targets for 2030 and 2050 above that currently mandated by the International Maritime Organisation (IMO).
7 July LNG Canada expansion faces electrification hurdle LNG Canada is weighing whether to move forward with expansion of its liquified natural gas (LNG) export facility in British Columbia, with electricity access a key obstacle.
7 July UK government faces new legal challenge on emissions Three environmental organisations have filed a request for a judicial review of the UK government's revised net zero strategy, which was released at the end of March.
6 July Elbehafen LNG undergoes brief maintenance after storm Germany's 2.7mn t/yr Elbehafen LNG terminal was set to undergo "several hours" of works today, as high winds damaged some of the terminal's equipment, state-owned terminal operator Deutsche Energy Terminal said today.
6 July IMO GHG outcome still unclear ahead closing plenary The International Maritime Organisation's (IMO) greenhouse gas (GHG) strategy is due to be adopted tomorrow, but progress made towards tougher targets and potential economic measures such as carbon levies remains unclear.
6 July Biofuel Express to sell Neste's HVO in Denmark Scandinavian biofuel distributer Biofuel Express will sell Neste's hydrotreated vegetable oil (HVO), called ‘My Renewable Diesel', in Denmark, according to an agreement between the two companies.
6 July Japan's Mitsui buys into Danish renewable energy firm Japanese trading firm Mitsui has acquired a stake in Danish Kasso MidCo, an affiliate of Danish renewable energy firm European Energy.
6 July BP invests in WasteFuels global biomethanol network BP has committed to invest $10mn in Californian sustainable fuels company WasteFuel to develop a global network of biomethanol plants.
7 July Taiwan's WHL sets elevated GHG shipping emissions goals Taiwan-based container shipping company Wan Hai Lines' (WHL) has set itself greenhouse gas (GHG) emissions targets for 2030 and 2050 above that currently mandated by the International Maritime Organisation (IMO).
6 July Japan's Mitsui buys into Danish renewable energy firm Japanese trading firm Mitsui has acquired a stake in Danish Kasso MidCo, an affiliate of Danish renewable energy firm European Energy.
5 July Kairos LNG bunker vessel grounded near Amsterdam The 7,500m³ Kairos LNG bunker vessel was grounded earlier today near Amsterdam in the Netherlands and has since returned to port, German shipping operator Bernhard Schulte Shipmanagement (BSM) confirmed.
5 July Orsted reach agreement for second methanol-powered SOV Danish energy company Orsted has reached an agreement with vessel operator Esvagt for the supply of a second methanol-powered service operational vessel (SOV), following the development of the world's first methanol-powered SOV by the same collaboration last year.
5 July Volvo to use biodiesel based fuel for ocean freight Swedish carmaker Volvo, in conjunction with freight companies Maersk, Kuehne and Nagel and DB Schenker, will receive material for the production of its cars from container ships using renewable biodiesel-based fuel.
5 July Shipper ONE more than halves CO2 emissions Japanese container shipping company Ocean Network Express (ONE) cut its CO2 emissions by 58.5pc to 9.39mn metric tonnes (t) in 2022 from a 2008 baseline, through lower fuel consumption, operational improvements, and the use of biofuel.
5 July Marathon files permit to up Detroit refinery rates US independent refiner Marathon Petroleum has filed for a permit to operate its 140,000 b/d Detroit, Michigan, refinery at higher utilization rates than are currently allowed under air pollution requirements.
5 July CNOOC's Ningbo supplies LNG bunker vessel Chinese state-controlled CNOOC's 6mn t/yr Ningbo LNG terminal filled an LNG bunkering vessel to operate in China's Ningbo-Zhoushan port on 11 June, the firm said.
4 July Dutch HBE bookings down on significant 2022 carry over Dutch oil companies booked 1.63mn of 2023 renewable fuel units (HBE) into the Energy for Transport Register (REV) by 1 July, down by around 61pc compared with the same time last year. But the number of HBEs carried over from the previous compliance year was 58pc higher than a year earlier.
4 July Marine fuel output location key for GHG: South Korea South Korea highlighted during International Maritime Organisation (IMO) discussions the need to consider the location of future alternative marine fuel production sites carefully in order to hit greenhouse gas (GHG) targets given that many states are reliant on imports.
3 July Mabanaft acquires Oiltanking Copenhagen terminal Integrated trading company Mabanaft has agreed to buy tank storage provider Oiltanking's liquid storage Copenhagen terminal, and is looking to provide additional capacity for low carbon fuels such as sustainable aviation fuel (SAF), advanced biofuels and hydrogen.
3 July Divisions continue to delay IMO GHG strategy The International Maritime Organisation (IMO) began the 80th meeting of the Marine Environment Protection Committee (MEPC 80) in London today, with member states deeply divided on emissions.
3 July South Korea's HSHI receives order for LNG carrier pair South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) has received an order for two LNG carriers.
3 July Ammonia specialist Amogy develops Singapore operations US-based ammonia fuel cell specialist Amogy will begin operations in Singapore, as the company expands its strategic focus on Asian markets.
Conventional marine fuels
7 July Brazil's gasoline, diesel imports rise in June Heated demand for gasoline in the domestic market drove the increase in Brazil's motor fuel imports in June.
7 July Mexico ups regular gasoline, diesel tax offsets Mexico's finance ministry this week increased the deduction on the excise tax (IEPS) for regular gasoline and diesel despite declines in US retail prices.
7 July Japan's Mizushima refinery halts operations after fire Japanese refiner Eneos has halted refining operations at its 150,000 b/d in its Mizushima-A refinery because of a fire that broke out on 5 July.
6 July Drought in Argentina hinders VLSFO demand Argentina very low-sulphur fuel oil (VLSFO) sales for the first quarter declined by 12pc because of continuous drought conditions that have curbed bunker demand.
6 July Greek finished diesel exports running out of road Greece may struggle to maintain its customary level of diesel exports to its Mediterranean neighbours unless it can find an alternative feedstock to semi-processed Russian gasoil.
6 July China's CNOOC completes first LNG bunkering reload Chinese state-controlled CNOOC hasreloaded and delivered LNG to a customer for the first time using its 30,000m³ LNG bunkering carrier Hai Yang Shi You 301.
6 July Diesel prompt premiums spike in northwest Europe Front-month Ice gasoil futures spiked at $18.50/t above the second-month contract at the close of trading on 5 July, marking the highest premium for prompt delivery since strike action shut most of France's refineries at the end of March. But traders are expecting a boost in supply later this month with fresh gasoil cargoes on the way to Europe from east of Suez.
6 July Venezuela ends diesel subsidy for most drivers Venezuela has lifted an almost full subsidy on diesel for most drivers and is charging 32¢/l ($1.21/USG), according to a notice from state-owned PdV to the association of retail stations.
6 July PetroPeru offers two fuel oil cargoes State-owned PetroPeru has issued a tender for two high-sulphur residual fuel oil (HSFO) cargoes totaling 210,000 bl for later this month.
6 July Singapore's light distillate stocks at seven-month low Singapore's onshore oil product inventories fell to a two-week low of 41.84mn bl in the week to 5 July, because of drops in light and middle distillate stocks.
6 July Japan's Cosmo sells HSFO on coker issues Japanese refiner Cosmo Oil has sold rare high-sulphur fuel oil (HSFO) cargoes, after coker unit issues at its 100,000 b/d Sakai refinery resulted in excess residuals from its Yokkaichi plant.
5 July Monjasa boosts Singapore bunker operations Denmark fuels trader and terminal operator Monjasa has expanded its Asia bunkering operations in Singapore.
5 July Fire at Bayernoil refinery to hit gasoil production A fire has curtailed production at the 86,000 b/d Neustadt refinery in Germany, part of the 207,000 b/d Bayernoil complex.
5 July Canada's west coast port workers on strike Port operations on Canada's west coast have slowed significantly as port workers have been on strike since 1 July.
5 July Kuwait's al-Zour launches final crude distillation unit The third and final crude distillation unit (CDU) of Kuwait's new 615,000 b/d al-Zour refinery has started, refinery operator Kipic said on 5 July.
5 July Biofuel Express to sell Neste's HVO in Denmark Scandinavian biofuel distributer Biofuel Express will sell Neste's hydrotreated vegetable oil (HVO), called ‘My Renewable Diesel', in Denmark, according to an agreement between the two companies.
4 July WAF diesel imports down as Indian volumes slow in June West African diesel cargo imports hit a four-month low in June as Indian supply dried up.
3 July Dutch refineries ramped up in April Oil products refining and trading activity in the Netherlands picked up significantly in April, with surging middle distillate refinery yields and an apparent hindrance to gasoline production caused by limited naphtha imports.
3 July Brazil's diesel, gasoline sales up in May Brazil's diesel consumption increased in May as the domestic economy strengthened, while gasoline sales jumped as favorable economics boosted its consumption against ethanol at the pump.
3 July Jodi: UK refinery output and demand fell again in May UK refinery output and oil demand fell on an annual basis in May, but the rate of contraction slowed compared with April amid a mixed economic picture.
3 July Kuwait' al-Zour refinery unit fire put out Kuwait's state-owned Kipic said that a fire that broke out earlier at Unit 12 of the 615,000 b/d al-Zour refinery was put out on 2 July with no injuries reported, according to state news agency Kuna.
