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
11 January Maritime demand for ammonia fuel could triple market Researchers at the UK's Oxford University found that decarbonizing the maritime sector could drive demand for renewable ammonia in 2050 that would more than triple the current market.
11 January Inpasa, Vibra to pursue e-methanol in Brazil Brazilian fuel retailer Vibra and corn ethanol group Inpasa have teamed up to produce and sell green methanol in Brazil, at a time when shipping companies are seeking ways to reduce greenhouse gas emissions (GHG).
11 January Fairway starts producing methanol using CO2 at US plant Fairway Methanol, a 50:50 joint venture between Japanese trading firm Mitsui and US-based chemical company Celanese, has begun producing methanol by using CO2 emitted from plants around its facility in Texas, US.
11 January Sumitomo, Solariant study biodiesel production in Japan Japanese trading firm Sumitomo and US-based renewables developer Solariant Capital seek to produce biodiesel derived from wood and sugarcane waste in Japan and develop supply chains of the cleaner engine fuel.
10 January Airbus taps Deltamarin for low-CO2 ships French airplane manufacturer Airbus has selected Finland's Deltamarin to design three roll-on/roll-off marine vessels that will halve CO2 emissions for shipping plane parts to the US.
10 January Europe could transport 39.5mn t CO2 by ship in 2030 European policy makers should support the development of CO2 transport by ship as an integral part of the region's carbon capture and storage (CCS) and industrial decarbonisation policies, with up to 39.5mn t/yr of CO2 potentially transported by ship in Europe by 2030, according to a report published this week.
10 January Seaspan to start Panama LNG bunkering in 3Q Canadian shipper Seaspan Energy has launched its 7,6000m³ Seaspan Garibaldi LNG bunkering vessel, which will be deployed at the Panama Canal from the third quarter.
10 January Korea updates laws to promote biofuels, energy security South Korea passed amendments to its laws on 9 January which will make it easier to produce biofuels via co-processing, refiners said.
10 January B24 bunker blend debuts in UAE's Khor Fakkan Dubai-based trading firm Axiom Global Oil and Gas Trading conducted the first delivery of biofuel bunker blend in the port of Khor Fakkan, UAE, on 9 January.
9 January Japan's Mol to ship ammonia for Norway's Yara Japanese shipping firm Mitsui OSK Line (Mol) is to ship ammonia under a charter agreement with Norwegian fertilizer producer Yara.
9 January Viewpoint: Japan's marine biofuels lack infrastructure The Japanese marine sector will face problems in using biofuels as a marine fuel in 2024 and beyond, because of a lack of delivery infrastructure, despite strong market interest.
Conventional marine fuels
12 January Pemex expands fuel storage capacity in 2023 Mexico's state-owned Pemex expanded its fuel storage capacity by 8pc in 2023, following maintenance at its fuel storage and distribution terminals (TARs).
12 January Missile strikes near tanker south of Yemen A vessel possibly carrying Russian oil reported a missile attack in the Gulf of Aden today, an area subject to repeated attacks by Houthi militants targeting commercial vessels suspected of Israeli connections in response to the Israel-Palestine conflict.
12 January Singapore HSFO demand increases High sulphur fuel oil markets are tightening in Asia Pacific, as attacks on shipping in the Red Sea stretch voyage times and in anticipation of stronger demand from Chinese independent refiners.
12 January More LNG carriers divert from Red Sea Three LNG carriers have diverted away from the Red Sea today, following an increase in Houthi attacks on shipping in the Bab el-Mandeb strait and retaliatory action by the US and the UK.
12 January Red Sea escalation threatens Europe diesel supply The intensifying conflict in the Red Sea is putting barriers in the way of tankers using the route, reducing the amount of diesel on offer in Europe and driving up premiums for prompt delivery, according to traders.
12 January US-led naval coalition tells shipping to avoid Red Sea The US-led naval coalition in the Red Sea has warned all ships to stay away from the Bab el-Mandeb strait for "several" days, according to shipping association Intertanko, following the escalation of attacks by Yemen's Houthi militants on commercial vessels in the region and retaliatory measures by the US and UK.
12 January Product tanker owner Torm to pause Red Sea transits Product tanker owner Torm has decided today to pause all transits through the southern Red Sea following the escalation of attacks on commercial shipping in the region.
12 January Red Sea rerouting puts pressure on methanol logistics Methanol flows from the Middle East into Europe face potential restrictions following various advisories issued to shipowners to avoid the Red Sea.
12 January Japan's bonded marine fuel sales weaker in November Japanese bonded marine fuel sales remained weak in November, falling against a year earlier for a sixth consecutive month despite it being the country's peak bunker demand season.
11 January Maersk to use rail to bypass Panama Canal Containership giant Maersk will try to bypass the drought-restricted Panama Canal by using rail lines in Panama to move Americas-to-Australia/New Zealand cargoes.
11 January Red Sea diversions put strain on Med bunker supplies Bunker fuel demand in the western Mediterranean is rising as vessels continue to take longer journeys around the southern tip of Africa to avoid attacks by Yemen's Houthi militants in and around the Red Sea. The increased demand is supporting fuel oil prices in the region.
11 January ARA stocks rise on additional refining capacity The volume of oil products held in independent storage at the Amsterdam-Rotterdam-Antwerp (ARA) hub rose by a further 4.4pc in the week to 10 January, according to consultancy Insights Global.
11 January Auctions make up 30pc of Panama tanker transits in Dec Ship operators of "super" category tankers, including Medium Range (MR) refined product tankers, mostly transited the Panama Canal by utilizing pre-booked slots in the fourth quarter of 2023 while 30pc of transits utilized last-minute auctions, according to the Panama Canal Authority (ACP).
11 January Naples dredging lets KPI take diesel on full LR2 ships Kuwait Petroleum International (KPI) has completed expansion work at its Naples terminal in southern Italy, enabling the regular receipt of fully loaded LR2 diesel cargoes.
11 January IMB points to concerning rise in piracy in 2023 Piracy and armed robbery on ships increased in both number and severity in 2023, according to the International Maritime Bureau (IMB).
11 January Bitumen tanker catches fire in Sea of Marmara Bitumen tanker Sidra caught fire in the Sea of Marmara yesterday, shortly after transiting the Bosphorus Strait.
11 January Oman's new Duqm refinery ramps up diesel, jet exports Diesel and jet fuel exports from Oman's new 230,000 b/d Duqm refinery exceeded 100,000 b/d in December, equivalent to two-thirds of the plant's middle distillates production capacity.
11 January Singapore fuel oil stocks build further Singapore's fuel oil stocks continued to increase to close to a nine-month high in the week to 10 January, driven by a surge in imports.
11 January Kuwait's KPC offers second term HSFO for February-April Kuwait's state-owned KPC has issued another rare term tender on 10 January, offering six 60,000t (387,000 bl) high sulphur fuel oil (HSFO) cargoes for loading over February-April.
10 January Erik Thun orders 4 newbuilds to diversify fleet Swedish shipping company Erik Thun has added four vessels to its orderbook, focusing on fuel diversity and efficiency over picking a fuel of the future.
10 January Antwerp 2023 throughput shows slowing shipping sector The Belgian port of Antwerp-Bruges' total throughput fell to 271mn t of cargo in 2023, down by 5.5pc from the previous year, according to results it published today.
10 January Iver Ships sells two bitumen tankers to Dutch firm Dutch firm Iver Ships has sold two of its bitumen tankers to Netherlands-based financial services company North Sea BV.
9 January Suez transits down 14pc on attacks: Xclusiv Ship traffice through the Suez Canal is down by 14pc since mid-December to 50 transits per day because of Houthi rebels' attacks on vessels in the Red Sea, Xclusiv Shipbrokers said.
8 January Ice restrictions at port of Inkoo to increase Ice-class restrictions at the Finnish port of Inkoo will increase from 13 January, but are unlikely to affect affect deliveries to the 3.9mn t/yr LNG terminal.
