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Latest market news

Norwegian Cruise swings to 1Q profit

  • Market: Biofuels, Petrochemicals
  • 01/05/24

US-based cruise ship operator Norwegian Cruise Line's (NCL) swung to a profit in the first quarter on record bookings.

The company posted a $69.5mn profit in the first quarter, compared with a $127.7mn loss during the same period of 2023. Revenue rose by 20pc to $2.19bn in the quarter from a year earlier as the cruise operator reported record quarterly bookings.

Cruise operating expenses were up by 8pc at $1.39bn in the quarter from a year earlier.

Norwegian rerouted some of its voyages that were previously expected to sail through the Red Sea. But demand from other regions offset the effect of the redeployed voyages.

The company spent $197.7mn on marine fuel in the first quarter, 1pc up from $194.9mn in the first quarter of 2023. The company burned 269,000t of marine fuel and did not disclose its fuel consumption for the first quarter of 2023. It expects to burn about 245,000t in the second quarter and 995,000t for full 2024, split evenly between residual fuel oil and marine gasoil. Currently, it has hedged about 35pc of its fuel oil consumption at $395/t and 75pc of its marine gasoil consumption at $746/t for the entire 2024.

Starting this year, Norwegian had been applying to the EU innovation fund with the goal of accelerating the transition of six of its vessels from being methanol ready to being fully methanol capable. Biomethanol was pegged at $2,223/t very low-sulphur fuel oil equivalent (VLSFOe) or 3.7 times the price of VLSFO average in April in the Amsterdam-Rotterdam-Antwerp bunkering hub, Argus assessments showed. Methanol was assessed at $699/t VLSFOe or 1.2 times the price of VLSFO.

The company also has half of its fleet equipped with shoreside technology allowing it to use port electricity and minimize emissions during port stays.

Norwegian has ordered eight new vessels for delivery from 2025-2036. Separately, its subsidiaries Oceania Cruises and Regent Seven Seas will take delivery of three new vessels from 2025-2029 and two new vessels from 2026-2029, respectively.

By Stefka Wechsler

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06/02/26

Asian, Finnish firms start Sony bioplastic supply chain

Asian, Finnish firms start Sony bioplastic supply chain

Tokyo, 6 February (Argus) — Asian and Finnish companies in chemicals, refining and trading have created a bioplastic supply chain for Japanese electronics maker Sony to cut greenhouse gas (GHG) emissions in electronics production. In the supply chain, Finnish biofuels producer Neste will supply bionaphtha to four petrochemical companies, the companies said on 6 February. The supply chain of multiple companies works like this: Japanese refiner Eneos and South Korean chemicals firm SK Geo Centric will process the bionaphtha supplied by Neste at their crackers to produce bio-paraxylene (bio-PX); this bio-PX will be used by South Korea's Hanwha Impact to make renewable terephthalic acid; that is then converted to renewable polyethylene terephthalate (rPET) resin and films by Japanese firm Toray's South Korean subsidiary Toray Advanced Materials Korea. Eneos has already started supplying the bio-paraxylene produced at its Mizushima refinery in western Japan, the company said. Other companies involved in the supply chain are Japanese refiner Idemitsu which uses bionaphtha at its cracker to produce renewable styrene monomer, which Taiwan's Formosa Chemicals and Fibre (FCFC) converts to renewable polystyrene resin. Another Japanese chemicals firm, Mitsui Chemicals, also uses Neste's bionaphtha to produce bisphenol-A. Japan's Adeka also uses a bio-derived feedstock to make flame retardants, while Chinese firm Qingdao Haier New Material Development produces polycarbonate or acrylonitrile butadiene styrene (ABS) resin. Taiwan-based Chimei also supplies renewable polycarbonate resin. All these biochemical materials will be processed by plastics molding companies for Sony's new products. Using a mass balance approach, biomass-based attributes will be allocated to the products across the supply chain. Japanese trading house Mitsubishi will coordinate the entire chain and manage the delivery of environmental credits. The total volume of bio-naphtha needed for the chain was not disclosed. Using Neste's bionaphtha typically reduces GHG emissions by around 85pc compared with using only conventional fossil-derived naphtha, Mitsubishi said. Sony plans to roll out new audio-visual products made with these renewable plastics globally as it aims to achieve net-zero GHG emissions by 2040. Argus last assessed bionaphtha delivered to northeast Asia at $1,875/t cfr on 6 February, $1,270/t over Japanese fossil naphtha. The range of downstream bio-based products in development continues to expand, but high prices for bionaphtha and downstream biochemicals continue to inhibit wider adoption and commercialisation, according to chemical producers in the region. By Kohei Yamamoto and Lauren Moffitt Supply chain partners Company Role Neste Production of bionaphtha Idemitsu Kosan Production of renewable styrene monomer Formosa Chemicals and Fibre Production of renewable polystyrene resin SK Geo Centric Production of renewable para-xylene Eneos Production of renewable para-xylene Hanwha Impact Production of renewable terephthalic acid Toray Advanced Materials Korea Production of renewable PET resin Mitsui Chemicals Production of renewable bisphenol-A CHIMEI Production of renewable polycarbonate (PC) resin ADEKA Production of renewable flame retardants Qingdao Haier New Material Development Production of renewable PC/ABS resin Sony Design and manufacturing of finished products Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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E15 'council' convenes without Dem. lawmakers

05/02/26
News
05/02/26

E15 'council' convenes without Dem. lawmakers

New York, 5 February (Argus) — A council of Republican lawmakers tasked with negotiating major changes to US fuel policy held its first meeting Tuesday evening, leaving out Democrats that had pushed for a seat at the table. The US House of Representatives last month punted on a proposal that would have allowed year-round sales of gasoline with up to 15pc ethanol (E15) and restricted how many refiners can win hardship exemptions from annual biofuel mandates. Instead, lawmakers tasked a new "rural domestic energy council" with developing policy recommendations by 15 February in the hopes that Congress will weigh legislation by 25 February. The full council met for the first time Tuesday evening, four people familiar with the matter said. The task force includes more than 20 House Republicans with a range of views on biofuel policy, but no Democrats, two of the people said. The office of House speaker Mike Johnson (R-Louisiana), who was in charge of appointing council members, did not respond to Argus' requests for comment. "My Democratic colleagues and I have been clear about the need for Democratic voices on this council — a concern leadership has so far failed to address," representative Nikki Budzinski (D-Illinois) said. "I will continue to press for real, bipartisan action that our growers deserve." Proposals to expand E15 have historically drawn bipartisan support, particularly from Midwestern lawmakers keen to help the region's farmers. Democrats could still support legislation that includes an E15 deal even if left out of negotiations this month. But some lobbyists close to the debate privately doubt that the council will reach any substantial compromise, especially after the earlier E15 proposal drew strong opposition from mid-sized oil refiners that want to maintain their ability to avoid the costly biofuel quotas. The council includes members from states with those refineries, including Gabe Evans' district (R-Colorado), where a Suncor refining complex is located, while CVR Energy and HF Sinclair have units in council co-chair Stephanie Bice's state (R-Oklahoma). Some Republican US senators that have long wanted deeper reforms to the biofuel mandate program are also skeptical of the earlier proposal, complicating any deal's chance of passage. "The federal government should not force Americans to put ethanol in their gas tanks," senator Mike Lee (R-Utah) said. "It is not good for the economy, the environment or car engines. We should not subsidize the corn industry at the expense of hardworking American families." The latest E15 proposal was developed partly by the American Petroleum Institute — an influential lobby within the Republican Party — and has won the support of larger oil refiners like Valero. Farmers' and fuel groups that support the earlier bill have urged the council to focus narrowly on improving it, rather than considering more divisive fuel market issues too. President Donald Trump, who has backed the biofuel industry with a proposal last year for record-high blend mandates, has made clear that he would sign legislation expanding E15 access. He said in an Iowa speech last month that he was optimistic Congress could strike a deal. It is unclear when the council, which includes a number of farm-state biofuel supporters too, plans to meet again. The large majority of gasoline in the US is sold as a 10pc ethanol blend. Farm advocates have pushed for over a decade to loosen summertime smog rules that forbid sales of higher blends in much of the country without emergency waivers . By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Brazil flags sharp US PE dumping duties

05/02/26
News
05/02/26

Brazil flags sharp US PE dumping duties

Sao Paulo, 5 February (Argus) — Brazil has issued a recommendation that could nearly triple provisional anti-dumping duties on US polyethylene (PE) imports, effectively shutting out most shipments, according to a department of trade defense Decom report into US and Canadian exports. The report, issued on 2 February and seen by Argus , outlines the key findings of the investigation into PE imports under NCM codes 3901.10.30, 3901.20.29 and 3901.40.00. Decom — part of trade ministry Mdic — calculated a dumping margin of $734.32/metric tonne (t), equivalent to 79.3pc, for US exporters. The authority determined dumping margins for Canada of $264.99/t (26.9pc) for one producer-exporter and $232/t (26.3pc) for another. Dumped imports are causing material injury to Brazil's domestic resin industry, and a causal link exists between the injury and the imports under investigation, Decom said. Brazil currently enforces provisional anti-dumping duties of $199.04/t on US-origin PE and $238.49/t on Canadian-origin material. These provisional duties were imposed in August 2025 and remain in effect through 28 February as the investigation moves into its final phase. Interested parties have a 20-day window to file final comments following the report's publication. Once that period ends, Decom will prepare its final determination and forward it to foreign trade chamber, Camex. The Camex executive management committee (Gecex) is expected to make a final decision by 14 May, the legal deadline for concluding the probe. The outcome of the case is expected to have significant implications for regional PE trade flows. Market participants await Decom's final findings, which will determine whether the provisional duties are upheld, revised, or lifted entirely. Limited effect The provisional duties had a limited effect on Brazil's imports last year, as the US remained Brazil's top supplier even as it lost market share, official Comexstat data show. Brazil's PE import values totaled $1.61bn last year, a 1.7pc decrease from $1.63bn in 2024. Import volumes increased by 2.2pc to 1.46mn t in 2025 from 1.42mn t the prior year. The US was Brazil's main exporter, accounting for around 961,890t last year, with its share of total volume falling to 66pc from 71pc in 2024. Argentina was the second-largest exporter to Brazil, shipping nearly 218,380t last year and boosting its share to 15pc from 11pc. Saudi Arabia rose to third place with approximately 56,445t, representing 4pc of Brazil's total imports last year. Canada's deliveries fell by 40pc to 49,810t in 2025, with its share falling to 3.4pc from 6pc in 2024. Egypt dropped to fifth place with around 47,795t, accounting for 3.3pc of the total volume. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Rotterdam biomarine 2025 sales fall as bio‑LNG surges

05/02/26
News
05/02/26

Rotterdam biomarine 2025 sales fall as bio‑LNG surges

London, 5 February (Argus) — Marine biodiesel sales fell on the year in Rotterdam in 2025, but bio-LNG and biomethanol made sharp gains while conventional bunker fuels were roughly steady. Marine biodiesel blend sales fell by 16pc to 629,700t in 2025 from 2024, according to data from the Port of Rotterdam. Sales declined by 18pc in the fourth quarter from the third quarter. Data from the Port of Singapore, on the other hand, showed strong growth in blend sales, with marine biodiesel sales higher by 56pc year-on-year in 2025. This was driven by higher uptake of B24, B30 and B100 used to meet FuelEU Maritime requirements, which came into effect in 2025 and require ships coming in, out of, and operating within EU waters to reduce emissions. Rotterdam sales fell due to more competitive pricing east of Suez, pulling demand towards Singapore. B24 Ucome dob Singapore prices averaged $685.71/t in 2025, compared with $797.23/t for B30 Ucome dob ARA. Shipowners bunkering marine biodiesel in Singapore for EU-bound voyages can use it for FuelEU Maritime compliance. Energy used on voyages between EU and EEA ports and non-EU ports has a 50pc share of regulatory coverage, and full coverage for voyages intra-EU. Compliance generated from bunkering marine biodiesel in Singapore can then be used to achieve compliance on vessels operating European routes, via the pooling mechanism, in which obligated companies can combine their compliance balance with other vessels. This has driven an emerging FuelEU compliance surplus market, where participants can buy compliance via pooling to avoid physical bunkering of alternative marine fuels. For use of bio-LNG, over-compliance has sold at a significant premium to cost. As a result, bio-LNG bunker sales in Rotterdam jumped by more than 500pc on the year to 17,650m³ in 2025 on strong demand , and by 1,975pc on the year in the fourth quarter. Biomethanol sales rose by 200pc on the year to 11,800t in 2025, also supported by FuelEU Maritime and an increase in the number of methanol-capable vessels coming into operation — 60 methanol-capable vessels were in operation or on order in 2025, according to DNV data, compared with 17 in 2024. Sales of conventional bunker fuels in Rotterdam in 2025 were largely stable, up by 1pc on the year to 8.73mn t. But ultra-low sulphur fuel oil (ULSFO) sales rose by 16pc on the year, to the highest since 2021, as demand rose to reflect stricter requirements after the Mediterranean was designated an emissions control area (ECA) by the International Maritime Organisation (IMO) in May. Vessels transiting the sea are limited to emitting 0.1pc sulphur. The sulphur emission limits of the ECA in the Mediterranean also contributed to firmer demand for marine gasoil (MGO) and marine diesel oil (MDO). Sales of the products at Rotterdam were up 7pc on the year while fourth quarter sales were unchanged on the year but up by 4pc on the quarter. MGO-based marine biodiesel blends firmed to record highs of 93,200t in 2025, supported by the ECA expansion. But European decarbonisation and regulations — such as EU ETS expansion, FuelEU Maritime, and RED III — made very-low sulphur fuel oil (VLSFO) less attractive for shipowners that are seeking ECA-compliant 0.1pc sulphur fuels such as ULSFO or marine gasoil. VLSFO sales fell by 7pc on the year in 2025 while fourth quarter VLSFO sales were down 8pc on the year but up 17pc quarter on quarter. The increase in scrubber-fitted vessels continued to support sales of high-sulphur fuel oil (HSFO) at Rotterdam, which increased 3pc on the year. HSFO sales at the port in the fourth quarter were up by 3pc on the year but down by 8pc on the quarter. By Hussein Al-Khalisy and Siew Hua Seah. Rotterdam bunker sales t Fuel 2025 2024 y-o-y % 4Q 2025 3Q 2025 q-o-q % 4Q 2024 y-o-y % ULSFO 864,782 748,186 16% 219,039 232,720 -6% 193,567 13% VLSFO 2,850,083 3,076,817 -7% 745,786 635,638 17% 810,831 -8% HSFO 3,420,908 3,330,327 3% 804,962 872,077 -8% 780,437 3% MGO/MDO 1,590,902 1,483,332 7% 402,781 387,173 4% 395,903 2% Conventional total 8,726,675 8,638,662 1% 2,172,568 2,127,608 2% 2,180,738 -0% Biofuels blends 629,706 752,103 -16% 161,934 198,515 -18% 118,201 37% LNG (m³) 992,911 941,366 5% 192,433 331,620 -42% 263,068 -27% Bio-LNG (m³) 17,644 2,775 536% 11,932 960 92% 575 1975% Biomethanol 11,819 3,946 200% na na na 930 na Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US homes more affordable as incomes rise: NAR

04/02/26
News
04/02/26

US homes more affordable as incomes rise: NAR

Houston, 4 February (Argus) — US housing affordability improved in the fourth quarter, extending a trend that emerged during the second half of 2025 after a fourth-month skid earlier in the year. Growth in personal income outpaced rising home prices in the US during the fourth quarter, improving affordability to the highest levels in more more than a year, new data from the National Association of Realtors (NAR) show. The NAR's quarterly affordability index rose to 109.1 in the fourth quarter of 2025,its preliminary Housing Affordability Index (HAI) shows. HAI values of 100 show that a family with the median US income has enough to qualify for a mortgage on a median-priced home. An index above 100 signals increasing affordability of a median family income. Median preexisting single-family home prices rose to $414,900 during the fourth quarter, up by 1.2pc from the same three-month period in 2024. The median family income rose by 4.7pc during the same period. Additionally, the average mortgage interest rate fell to 6.31pc from 6.74pc in the fourth quarter the prior year. NAR's affordability index remained below 100 in 2023 and 2024, contributing to slower housing demand during the two-year period. But affordability rebounded into the third quarter of 2025 from the prior quarter and continued to improve through the end of the year. Increasing housing affordability in the US is a bullish demand signal for polyvinyl chloride (PVC) producers and distributors. PVC is widely used in housing construction, and improved home affordability could spur new construction and strengthen PVC demand after two years of lagging consumption. Housing starts fell to a five-year low in October 2025, the most recent data point, indicating that a recovery in 2026 is unlikely. Mortgage rates need to fall further to induce demand as many would-be buyers remain locked into their current homes with previously-low mortgage rates, sources said. Rising incomes could alleviate otherwise low consumer sentiment and spur buying interest, while strong home prices coupled with lower borrowing rates could increase interest for new building projects. But signs currently point to the 2026 building season being a replay of 2025. By Gordon Pollock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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