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
27 January Tanker fire extinguished after missile strike A fire on an oil products tanker in the Gulf of Aden has been extinguished and all crew are safe, according to its charterer Trafigura.
26 January Red Sea tensions delay Qatar LNG delivery to Endesa Qatari state-owned QatarEnergy has rerouted an LNG shipment to Spain's Endesa around the Cape of Good Hope instead of through the Suez Canal owing to Red Sea tensions.
26 January UK government awards £33mn to 'clean maritime' projects The UK government said today that £33mn ($42mn) has been awarded to 33 "clean maritime" projects across the UK.
26 January Clean ME Gulf LR2 rate at 4-year high on Red Sea strife Clean Long Range (LR) 2 tanker rates hit a four-year high on 25 January on escalating Red Sea tensions, as well as elevated demand for Mideast Gulf and Indian naphtha.
26 January Japanese firms to build ammonia-fuelled ammonia carrier Five Japanese firms — including shipping companies, shipbuilders and engine developers — will collaborate to build an ammonia-fuelled ammonia carrier, targeting commissioning in 2026.
25 January Danish firm leases Texas land for e-methanol plant Danish renewable energy firm European Energy has leased land at Texas' Port of Victoria to develop a 100,000 t/yr e-methanol facility.
25 January Diverted bulkers weighs on African bunkers market Dry bulk ships have favoured the Cape of Good Hope over the Suez Canal in recent weeks as Houthi missile attacks have struck several vessels, which has driven higher requirements for bunker fuel in both east and west Africa. The local markets are adapting to the unusually high demand from bulkers and other vessels diverting from the Red Sea, but bunker prices in South Africa are climbing rapidly.
25 January Rotterdam LNG bunkering sales jump in 2023 LNG sold as a bunkering fuel in the Dutch port of Rotterdam jumped last year from previous years, as lower prices of LNG as a marine fuel buoyed demand.
25 January China's river LNG bunker vessel completed Construction of Chinese state-owned Huaihe Energy's river-sea LNG refuelling carrier was completed on 24 January.
25 January Korea adds measures to curb Red Sea export disruptions South Korea has bolstered its measures in response to rising freight rates, to mitigate the impact of rising tensions in the Red Sea on maritime logistics.
24 January US Seaside LNG's new barge starts bunkering US firm Seaside LNG has performed its first LNG bunkering operation using the new 5,500m³ Clean Everglades LNG bunkering barge in the Florida port of Jacksonville, the firm said today.
24 January Qatar confirms Red Sea tension disrupting LNG shipments Qatar's state-owned QatarEnergy officially acknowledged today the conflict in the Red Sea is impacting the delivery of some of its LNG shipments and forcing longer travel times.
24 January Red Sea crisis dampens India's January US LNG imports India has not received a single LNG shipment from the US in the first three weeks of January, Vortexa data show. This highlights a growing possibility that supplies to the country could be disrupted with continuing Red Sea tensions, although the current weak demand outlook is likely to limit any potential impact.
23 January Stalled e-methanol projects leave forecast murky Ambitious plans for e-methanol plants worldwide are losing traction as high feedstock costs and an uncertain investment climate are turning developers away, writes Emmeline Willey.
Conventional marine fuels
29 January Ice gasoil prices, spreads jump after tanker attack Ice gasoil futures prices are higher today after the first significant strike by Yemen's Houthi rebels on an oil tanker raised the prospect of supply shortfalls in Europe.
29 January Asian HSFO flips into contango on oversupplied market Singapore 380cst high-sulphur fuel oil (HSFO) markets have flipped into a contango structure, because of more inflows to the city state and decreased demand from Chinese refiners.
26 January Floating fuel oil storage rising in US Gulf Floating storage for fuel oil in the US Gulf coast has risen steadily since more stringent transit restrictions went into effect at the drought-stricken Panama Canal in late 2023, likely the result of lower bunkering demand in the region as vessels reroute.
26 January Maersk to divert vessels away from the Red Sea Danish shipping giant Maersk says its vessels on the route between Jebel Ali in the UAE and …
26 January Houston Ship Channel partially open amid fog: Update The Houston Ship Channel reopened to only outbound vessel traffic at 1:30pm ET Friday after closing in the morning due to fog, the US Coast Guard said.
26 January Hafnia and Mercuria start Panamax pool Product tanker owner Hafnia and trading firm Mercuria will launch a new Panamax tanker pool in March this year.
26 January Strong demand to support Feb Singapore VLSFO market Prices for very-low sulphur fuel oil (VLSFO) on a delivered on board (dob) basis in Singapore may stay firm in February, because of strong demand and tight supply from other regions, market participants said.
26 January Red Sea crisis diverts diesel to Asia-Pacific More Mideast Gulf and Indian gasoil is to stay east of Suez, as tensions in the Red Sea have made the east-west arbitrage route more unviable.
25 January Refined product demand to outweigh new supply: Valero Valero expects global refined products demand growth to exceed increased supply from multiple major refinery start-ups already underway, easing analyst concerns of US refiner margin erosion.
25 January Northern Mexico diesel prices out of step Prices for diesel in northern Mexico have fallen below comparable levels in international markets, even if the area is closer to lower-priced US export markets, market participants tell Argus.
25 January Rotterdam bunker fuel sales drop Bunker fuel sales at the port of Rotterdam dropped in the final quarter of last year as demand for shipping fell.
25 January ARA stocks tumble on supply disruptions The volume of oil products held in independent storage at the Amsterdam-Rotterdam-Antwerp (ARA) hub shed 1pc in the week to 24 January as supply disruptions weighed on regional inventories, according to consultancy Insights Global.
24 January Parkland pauses Burnaby refinery restart Canadian fuel retailer Parkland has delayed the restart of its 55,000 b/d Burnaby refinery in British Columbia, saying it needs about a month before it can return to normal operations.
24 January Houthi missile explodes near container ship Yemen's Houthi militants fired missiles at a container ship transiting the Gulf of Aden near the Red Sea today, with one missile exploding 100m from the vessel in the latest attack by the group on commercial vessels in the region in response to the Israel-Hamas conflict.
24 January LSFO exports from UAE and Kuwait to rise in 1Q 2024 Low-sulphur fuel oil (LSFO) exports from the UAE and Kuwait will rise in the first quarter this year as a result of a shutdown of a residual fuel's cracking unit (RFCC) in the UAE and re-emerging supply from Kuwait's 615,000 b/d al-Zour refinery.
23 January Maersk to bisect Panama by rail Danish shipowner Maersk plans to bypass the Panama Canal by using rail lines in the country to move cargoes travelling between the Americas and Australasia.
22 January Brazil's Dec diesel demand rises, gasoline falls Brazil's diesel consumption increased by almost 6pc to 5.33bn l (1.08mn b/d) in December, driven by stronger freight demand in all regions except the north, according to oil regulator ANP.
22 January Sunoco to acquire NuStar for $7.3bn US fuel distributor Sunoco will acquire pipeline and terminal operator NuStar Energy for $7.3bn in a deal that will widen Sunoco's footprint on the Gulf coast, Midcontinent and West coast, and give the Energy Transfer subsidiary an entry into crude oil logistics.
22 January Cepsa refining margins, production squeezed in 4Q Abu Dhabi-controlled Spanish energy company Cepsa's refining margin fell by nearly half in the fourth quarter from the third, while production from its remaining upstream portfolio of mature fields also fell.
22 January VLSFO trades in ARA down on the year, peaking in Aug The volume of VLSFO traded in 2023 was the lowest for any year, according to Argus data, but August had the most traded in any month on record.
22 January Wallenius Wilhelmsen signs 3-year shipping contract Norway-based ferry operator Wallenius Wilhelmsen has signed a three-year shipping contract that includes using B30 biofuel with a "leading" South Korean construction machinery company.
