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
10 November Winter ice complicates Finnish Inkoo's LNG imports Ice around Finland's 3.9mn t/yr Inkoo terminal is making it difficult to secure cargoes, market participants have told Argus.
10 November Indonesia's Sep biodiesel exports at five-month highs Indonesia's biodiesel exports rose to five-month highs in September because of higher shipments to China, although levels were only a quarter of September 2022 volumes.
9 November CNOOC, SIPG to co-operate on LNG bunkering Chinese state-owned CNOOC and the Shanghai International Port Group (SIPG) have agreed to collaborate on LNG bunkering in Shanghai.
9 November Cargill starts 'large-scale' biogas production Trading firm Cargill will start producing biogas on a "large-scale" with Netherlands-based biomethane producer Sustainable Fuel Plant (SFP) Zeeland in a joint venture.
9 November Japanese firms mull building ammonia-fuelled bulkers Japanese shipowner Nippon Yusen Kaisha (NYK Line) and domestic shipbuilder Oshima Shipbuilding are considering building dual-fuel ammonia-fuelled Handymax bulk carriers for Chile's state-owned copper miner Codelco.
9 November US methanol imports down 67pc in September US imports of methanol fell by 67pc in September from a year earlier, led by declines in shipments from Trinidad and Equatorial Guinea
8 November Oldendorff finds mould can develop in marine biofuels German bulk carrier Oldendorff Carriers has found that untreated maritime biofuels made from used cooking oil (UCO) can degrade during extended shipping periods and recommends some forms of treatment, such as biocide for microbial contamination (MBC).
7 November GS Caltex starts selling marine biofuels in S Korea South Korean energy and chemicals company GS Caltex has supplied a marine biofuel blend to roll-on roll-off (RoRo) vessel operator Wallenius Wilhelmsen.
6 November US pledges $653mn in port development funding The US Department of Transportation's Maritime Administration (Marad) will allocate over $653mn to fund 41 port improvement projects across the US under the Port Infrastructure Development Program (PIDP), as part of President Joe Biden's Investing in America agenda.
6 November Neste offers CA renewable diesel for bunkering Biofuel producer Neste is partnering with marine fuel supplier PTL Marine to provide renewable diesel to the marine sector across ports in California.
6 November LNG tanker orders lead a slow newbuild market Newbuild orders were moderate for a second week running in the week ending 29 October, with gas tankers at 428,000m³ and tankers at 100,000dwt.
6 November Eni and Saipem strike deal to build new biorefineries Italian energy group Eni has struck a deal with services firm Saipem to co-operate in the development of biorefineries, the companies said today.
6 November Finland's St1 delays plans for synthetic fuel plant Finnish bioenergy firm St1 said it will delay plans for a synthetic fuel production plant in Lappeenranta, Finland.
Conventional marine fuels
10 November VGO market faces bearish fundamentals US Gulf coast vacuum gas oil (VGO) values have seasonally weakened on FCC margin pressureand uncertain balances.
10 November Sudan oil refinery bombed, storage destroyed Sudan's only operational refinery has been bombed and its storage facilities destroyed in fighting between the two sides in the country's civil war.
10 November Older tankers still attracting buyers At least four very large crude carriers (VLCC) were sold in the week ending 3 November. Greek owner New Shipping purchased the 2013-built C Spirit and C Challenger at $67mn, while a UAE-based owner bought the 2004-built C Vision and C Emperor at $34.5mn — all owned by South Korea's SK Shipping.
10 November Greek shipowners lead tanker newbuild market Greek shipowners ordered 610,000dwt of tanker newbuilds in the week ending 5 November. Overall activity picked up on the week in the tanker and bulk-carrier newbuild markets with orders of 1.26mn dwt and 381,000dwt, respectively.
10 November PBF to to conduct unit maintenance at Torrance refinery PBF Energy will be conducting unit startup/shutdown activities at its 160,000 b/d Torrance, California, refinery starting today.
9 November Mexico's new refinery would shift export flows Market participants in Mexico and the US Gulf coast are weighing a potential decrease in the flow of motor fuels and crude between the two countries once Mexico's long-delayed 340,000 b/d Olmeca refinery starts.
9 November Buyers steer clear of Brazil diesel spot market Spot market sales of landed diesel at Brazilian ports are fading as distributors top up inventories with supplies requested from state-controlled Petrobras, supplies from October auctions and volumes contracted with importers for term withdrawals.
9 November Torm's tanker profits take a summer dip Product tanker owner Torm's profits rose year-on-year in the first nine months of 2023 as the trade recalibration cause by sanctions on Russian oil exports supported freight rates. But its profits in the third quarter dipped compared with the same period last year as rates came under pressure from refinery maintenance and stockdraws in Europe.
9 November Hapag-Lloyd bunker consumption marginally up in 3Q German containership company Hapag-Lloyd's marine fuel consumption recovered slightly in the third quarter compared with the previous three months. But across the first nine months of the year, consumption was down on the back lower shipping demand and slow steaming.
9 November Peninsula completes first LNG bunkering in Gibraltar UK bunker supplier Peninsula has completed its first LNG bunkering operation in Gibraltar, using its 12,000m³ Levante LNG bunkering vessel.
9 November Global Partners to acquire Motiva's US terminals Storage and distribution firm Global Partners will purchase 25 fuel terminals from US refiner Motiva Enterprises.
9 November Monjasa buys tankers for storage and bunkering Oil and shipping group Monjasa has acquired two tankers for storage and bunkering in west Africa.
8 November UK sanctions Dubai-based oil trading company The UK government today imposed financial sanctions and an asset freeze on Dubai-based oil trading company Paramount Energy and Commodities DMCC, citing its dealings with Russia.
8 November Brazil refinery begins processing soyoil Brazil's 17,000 b/d Riograndense refinery in southern Rio Grande do Sul state processed soybean oil for the first time in October-November.
8 November UK sanctions Dubai-based oil trading company The UK government today imposed financial sanctions and an asset freeze on Dubai-based oil trading company Paramount Energy and Commodities DMCC, citing its dealings with Russia.
7 November Vessel prices overshot inflation: Ardmore Prices for newly built products tankers have overtaken inflation, putting the cost of newbuilds significantly higher than levels seen around 2010 and encouraging shipowners to modify their existing fleet while extending their lifespans, according to tanker shipowner Ardmore.
7 November Petroecuador to shut 2 refineries for 15 days Petroecuador will halt activities at its 110,000 b/d Esmeraldas and 45,000 b/d La Libertad refineries — the largest in the country — for around 15 days by year-end, chief executive Reinaldo Armijos told Argus.
7 November Turkish voyages exempt from Straits P&I rule Oil tankers travelling between Turkish ports are to be exempt from a requirement to provide a letter confirming protection and indemnity (P&I) insurance when transiting the Turkish straits.
7 November Panama restrictions prompt rise in USWC exports Drought conditions have drastically reduced vessel traffic passing through the Panama Canal, prompting US West coast clean products exporters to increase loadings to Mexico and other Latin American countries.
7 November MR returns outweigh scrapping: Int'l Seaways Strong rates for Medium Range (MR) refined product tankers are stymieing the desire to reallocate assets, with shipowners pushing the active fleet steadily higher in age to maintain exposure to the market, according to tanker shipowner International Seaways.
7 November Taiwan's CPC delays RFCC restart at Talin refinery Taiwanese state-owned refiner CPC will delay the restart of its residual fluid catalytic cracker unit at the Talin refinery, market participants said.
6 November German winter diesel premiums surging German winter diesel has risen to an unusually steep premium to other regional specifications, as northern Europe begins its first winter without Russian supply.
