Marine fuel global weekly market update
A weekly Argus news digest of interest to the conventional and alternative marine fuel markets.
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Alternative marine fuels
24 Mar Cosco shipping receives LNG carrier Chinese state-owned shipowner Cosco Shipping Energy Transportation (CSET) received a new LNG carrier…
24 Mar Nuclear may weigh on South Korean LNG demand South Korean LNG demand may fall this summer as firmer nuclear output could help meet stronger...
24 Mar Europe could face tighter biodiesel supply While stocks in ARA and the Mediterranean remain high and demand low for crop, waste and advanced biodiesel, the lowest prices in more than…
24 Mar REG ordered to pay SK Eco Prime for off-spec Pome The Court of Amsterdam has ordered biofuels company Renewable Energy Group (REG) to pay a fine to South Korean biodiesel producer SK Eco Prime…
23 Mar EU agrees on shipping sector GHG fuel intensity cuts The European Parliament and EU member states have today agreed that the greenhouse gas (GHG) intensity of fuels used in ships over 5,000 gross tonnage (GT) should be cut by…
23 Mar Brazil biodiesel blending hike to curb diesel imports The flow of foreign diesel into Brazil is likely to slow starting …
23 Mar US methanol spot prices slide to three-month low Methanol spot prices in the US Gulf coast sank to three-month lows this week amid …
23 Mar South Korean methanol trades below SE Asian prices Methanol prices in South Korea have slipped below southeast Asian values since the start of this year, undermined by…
23 Mar Japan's Mol to develop methanol-fuelled coastal ship Japanese shipping firm Mistui OSK Line (Mol) and its partners have placed an order to build a methanol-fuelled…
23 Mar Guangzhou Shipbuilding receives order for three PCTCs Chinese state-owned shipbuilder CSSC subsidiary Guangzhou Shipbuilding International has received an order to build three…
22 Mar Italian biodiesel imports, exports hit record in 2022 Italian imports and exports of biodiesel hit record levels in 2022, largely as a result of...
22 Mar Indonesian palm oil stocks to fall in 2023-24: USDA Increased domestic consumption with higher on-road biodiesel blending is expected to...
22 Mar China Energy plans $1.5bn H2, ammonia, methanol plant State-owned China Energy Engineering Company (CEEC) has outlined plans for a plant at Jilin in northeast China producing...
22 Mar Unchartered waters in the bunkering world: FTlive Pressure is mounting on the shipping sector to decarbonise, a tall order for an industry that relies almost entirely on heavy fuel oil…
21 Mar Acme mulls options for green ammonia offtake deals Indian solar power company Acme is expanding into green fuels and is developing projects in Oman, India, Egypt and elsewhere. Argus spoke to its president…
21 Mar European refiners may turn back to natural gas Sustained lower European natural gas prices alongside the recently implemented embargo on Russian oil products could …
21 Mar Samskip orders two H2 ships Dutch container ship firm Samskip ordered two…
21 Mar Japan's NYK hastens marine fuel transition Japanese shipping firm NYK Line is accelerating the launch of new vessels using…
20 Mar Lukoil prepares for LNG debut in west Africa Lukoil's Marine 12 offshore joint venture with Italy's Eni in…
20 Mar Portugal's biofuel blending dropped in JanuaryPortuguese biofuels blending and ticket trading dropped sharply in January, suggesting that fuels retailers were holding out for lower prices before attempting to meet the…
20 Mar Gas prices to remain stable in 2023: Eesti Gaas Gas prices have come down and will remain stable for at least the next year…
19 Mar OCI inks deal to supply S Korea's LFC with bio-ammonia Chemical firm OCI Global and South Korean producer Lotte Fine Chemical (LFC) have signed an agreement for the supply of…
Conventional marine fuels
24 Mar Middle East ups Russian product imports Russian product exports to the Middle East more than doubled on the month on a daily average basis to…
24 Mar Tuapse product exports to rise Product exports from Russia's Black Sea port of Tuapse are scheduled 30pc higher…
24 Mar Fos-Lavera cut off from oil product markets by strikes No oil product tankers of Handysize class or larger have loaded or unloaded in almost…
24 Mar India's February diesel exports fall, gasoline rises India's exports of diesel in February fell from a year earlier, likely because of a surge in domestic fuel demand to at least…
23 Mar Singapore middle distillate stocks hit 1½-year high Singapore's middle distillates stocks rose further to a fresh 1½-year high of 9.63mn bl in the week…
22 Mar French strikes have muted impact on diesel prices The industrial action that has swept across France in recent weeks has left the wider European market better supplied with diesel than…
21 Mar Singapore February bunker sales firm from year earlier Singapore's bunker sales in February totalled 3.79mn t…
21 Mar Weaker Asia-Pacific demand to cap MR freight rates Freight rates for clean Medium Range (MR) tanker vessels in the Asia-Pacific could…
20 Mar China's diesel exports hit four-month low in February China's diesel exports fell to a four-month low in February as...
20 Mar Prices for newbuild oil tankers on the rise Prices for newbuild crude and oil product tankers are beginning to rise, with demand boosted by strong…
27 Mar Australia's Ampol shuts FCC unit at Lytton refinery Australian refiner Ampol has shut a fluid catalytic cracking unit (FCC) at its Lytton refinery for…
Related news posts
US economic growth slows to 1.6pc in 1Q
US economic growth slows to 1.6pc in 1Q
Houston, 25 April (Argus) — The US economy in the first quarter grew at a 1.6pc annual pace, slower than expected, while a key measure of inflation accelerated. Growth in gross domestic product (GDP) slowed from a 3.4pc annual rate in the fourth quarter, the Bureau of Economic Analysis (BEA) reported on Thursday. The first-quarter growth number, the first of three estimates for the period, compares with analyst forecasts of about a 2.5pc gain. Personal consumption slowed to a 2.5pc annual rate in the first quarter from a 3.3pc pace in the fourth quarter, partly reflecting lower spending on motor vehicles and gasoline and other energy goods. Gross private domestic investment rose by 3.2pc, with residential spending up 13.9pc after a 2.8pc expansion in the fourth quarter. Government spending growth slowed to 1.2pc from 4.6pc. Private inventories fell and imports rose, weighing on growth. The core personal consumption expenditures (PCE) price index, which the Federal Reserve closely follows, rose by 3.7pc following 2pc annual growth in the fourth quarter, although consultancy Pantheon Macroeconomics said revisions to the data should pull the index lower in coming months. The Federal Reserve is widely expected to begin cutting its target lending rate in September following sharp increases in 2022 and early 2023 to fight inflation that surged to a high of 9.1pc in June 2022. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Indonesia's Pertamina to complete gasoline unit in Aug
Indonesia's Pertamina to complete gasoline unit in Aug
Singapore, 25 April (Argus) — Indonesian state-controlled refiner Pertamina aims to finish building its new 90,000 b/d residual fluid catalytic cracker (RFCC) in the Balikpapan refinery in August, the firm said. The RFCC is a gasoline production unit, which typically uses residual fuel as a feedstock. The unit will be able to produce propylene, LPG and 92R gasoline that will meet the Euro V specifications, said Pertamina last week, without disclosing further details such as the start-up date. The newly built RFCC unit will be the largest in Indonesia, with the second-largest being the 83,000 b/d RFCC in Balongan and the third-largest the 54,000 b/d RFCC in Cilacap. The new RFCC will also help reduce Indonesia's reliance on gasoline imports. Indonesia currently imports around 9mn-11mn bl/month of gasoline, making it the largest gasoline buyer in the Asia-Pacific. The new RFCC will increase Pertamina's gasoline production by a conservative estimate of 45,000 b/d or 1.3mn bl, or around 10pc of Pertamina's current import demand, according to estimates from an oil analyst. The installation of the new RFCC is part of Pertamina's Refinery Development Master Plan (RDMP), which will take place in two phases. The first phase includes revamping existing units at the Balikpapan refinery, such as the crude distillation unit, vacuum distillation unit, and hydrocracking unit. It also involves building new units, such as the aforementioned RFCC, a gasoline hydrotreater, diesel hydrotreater, and naphtha hydrotreater. The second phase includes building a new residue desulphurisation unit. The RDMP also includes expanding the capacity of the Balikpapan refinery from 260,000 b/d to 350,000 b/d, said Pertamina's chief executive officer Nicke Widyawati. The Balikpapan expansion is expected to be completed in May. By Aldric Chew Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
India’s Gail to shut Dabhol LNG terminal for monsoon
India’s Gail to shut Dabhol LNG terminal for monsoon
Mumbai, 25 April (Argus) — Indian state-controlled gas distributor Gail is planning to shut its 5mn t/yr Dabhol LNG terminal on the west coast from 15 May, ahead of monsoon rains. Gail will also stop importing LNG from mid-May at the terminal, a company official told Argus . This is because of the lack of a breakwater facility at the terminal, which prevents it from anchoring ships in turbulent seas. The breakwater facility was expected to be completed in January, but the cause of the delay is unknown. The terminal is likely to resume operations from the end of September, similar to its plans in 2023 , as this shutdown over the monsoon season is routine. Gail is set to receive a total of 139,635t LNG at the Dabhol terminal in May, which will arrive in two separate shipments from the US' 5.75mn t/yr Cove Point export facility. Both cargoes will be the last that the terminal will receive before it shuts in mid-May. It has received 583,326t of LNG at the terminal since the beginning of the year, lower by 4pc on the year, data from market analytics firm Kpler show. The Dabhol terminal only receives about 2.9mn t/yr of LNG, despite having a nameplate capacity of 5mn t/yr, because it is not used during the monsoon season. Gail intends to gradually increase the capacity of the Dabhol terminal to 12mn t/yr by April 2030–March 2031. By Rituparna Ghosh Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
EU plastics law clears parliament with mixed reaction
EU plastics law clears parliament with mixed reaction
Brussels, 24 April (Argus) — The European Parliament has adopted the EU's Packaging and Packaging Waste Regulation (PPWR) that requires reductions in plastics and other packaging, ahead of formal approval by the bloc's ministers. The regulation had been provisionally agreed between EU diplomats in March. The regulation, adopted with 476 votes in favor and 129 opposed, obliges packaging reductions of 5pc by 2030, 10pc by 2035 and 15pc by 2040. EU countries must specifically cut plastic packaging waste. Starting on 1 January 2030, the regulation also bans single-use plastic packaging for unprocessed fresh fruit and vegetables, and for foods and beverages filled and consumed in cafés and restaurants. Other bans from 2030 affect individual portions for condiments, sauces, creamers and sugar, as well as very lightweight plastic carrier bags. The rules require all packaging to be recyclable, with exemptions for lightweight wood, cork, textile, rubber, ceramic, porcelain and wax. Plastics Europe's managing director Virginia Janssens said the adopted text is "ambitious" and needs practical implementation. "We need a careful review of the impact of the reuse targets and affected formats, especially in transport packaging," Janssens said. The plastics manufacturers' association said a lack of material neutrality undermined the aims of the PPWR to reduce packaging waste. European paper industry association Cepi pointed to a phase out of "fossil-based materials" and called for timely compliance with the new regulation. Cepi urged EU member states to endorse the agreement when voting. European farmers association Copa-Cogeca noted "discriminatory" treatment for the fruit and vegetable sector, adding that the European Commission, EU member states and parliament have so far "ignored" arguments to amend the text to exempt single-use packaging for fresh fruit and vegetables. EU ministers also voted on an objection approved last week by the EU environment committee regarding mass balance accounting rules, which did not get the majority needed to be confirmed. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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