Marine fuel global weekly market update
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
26 May French biodiesel imports continue to rise French biodiesel imports hit a new record in …
26 May Ecopetrol plans to hike H2 output by 2040 Colombia's state-controlled oil company Ecopetrol plans to produce ...
26 May Hydrogen-powered vessel enters NW Europe service Netherlands-based shipowner Future Proof Shipping (FPS) launched its hydrogen-powered, zero-emissions …
25 May TotalEnergies says HVO not for marine fuel sector The bunker sector is unlikely to adopt hydrotreated vegetable oil (HVO) in marine fuel blends, because …
25 May ExxonMobil to supply B30 in ARA ExxonMobil has signed an agreement to supply Hapag-Lloyd vessels with B30 marine fuel in the Amsterdam-Rotterdam-Antwerp (ARA) region.
25 May Spanish biodiesel feedstock patterns shift Demand patterns for biodiesel and hydrotreated vegetable oil (HVO) feedstocks in Spain are shifting as …
25 May Still waiting for zero-emission vessels: Study A recent report by governments trying to support zero-emissions ocean shipping found there were still no …
25 May Cruise giant Carnival picked LNG to cut particulates Cruise line operator Carnival Corporation said today that it has backed LNG over other alternative fuels as it …
25 May Singapore eyes growing role in alternative marine fuels Singapore is looking to play a bigger role in the alternative marine fuels industry, ahead of the …
25 May Charter practices reward fuel inefficiency: Report Underlying principles in most marine standard charter party terms reward fuel inefficiency …
25 May Cepsa expands waste feedstock sources for biofuels Spanish integrated energy firm Cepsa and Spanish association of co-operatives Agro-Alimentarias will work together to identify…
24 May China' methanol prices sink on weak demand, oversupply Chinese methanol prices have sunk to a more than two-year low, under pressure from persistently …
24 May Florida's Jaxport, Eagle LNG grow bunkering ambitions Higher LNG production capacity at US firm Eagle LNG's Maxville small-scale LNG production facility, alongside more …
24 May Spanish firm eyes green ammonia in Brazil's Piaui Spanish solar energy company Solatio plans to develop two renewable ammonia production plants in the northeast Brazilian state of Piaui that could together produce …
24 May Spanish biodiesel exports hit record high in 1Q Spanish biodiesel exports are rising further with shipments leaving Spain at a record pace in the first quarter of this year.
24 May Norwegian biofuels blending down in 2022 Blending of biofuels in Norway's transport sector fell by 55mn litres to …
24 May Dual-fuel engines to spur investment in 'greener' ships The implementation of dual-fuel engines in ships should encourage investment to build "greener vessels", according to …
24 May TotalEnergies buys 20pc of biogas start-up Ductor TotalEnergies has bought a 20pc stake in Finnish-based biogas start-up Ductor and will work with it to co-develop between 15 and 20 anaerobic digestion facilities to produce …
23 May BarMalGas to develop Germany's Rostock LNG German fuel distributor BarMalGas has taken over the Rostock LNG project and has scheduled construction to begin …
23 May NWE biofuels demand from scrubberless vessels to rise Vessels traveling in EU territorial waters without scrubbers next year may start using more biofuels …
23 May Spain's Ignis plans 850,000 t/yr green ammonia plant Spanish renewables firm Ignis plans to develop a €1bn ($1.08bn) green ammonia plant with capacity to produce …
23 May Trafigura sees potential for H2 derivatives in shipping Green hydrogen derivatives offer a more viable alternative to conventional bunkers than biofuels…
23 May Titan supplies LNG to ship in Kiel first Dutch small-scale LNG firm Titan completed the first ship-to-ship transfer in the German port of Kiel to a …
23 May Japan's MHI, Nihon Shipyard partner for LCO2 carrier Japanese engineering firm Mitsubishi Heavy Industries (MHI) and Nihon Shipyard have started a study for joint development of an ocean-going liquefied carbon dioxide (LCO2) carrier.
23 May China exports less biodiesel, UCO in April China's biodiesel exports fell by 17pc from 215,000t in March to …
22 May China's Dalian begins work on LNG-fuelled ship China's Dalian Shipbuilding Industry (DSIC) has begun work on a new dual-fuel container vessel, while another …
Conventional marine fuels
26 May Petrobras loses ground to diesel imports in April Diesel produced in Brazil ceded ground to imports in April, as …
26 May Singapore's gasoil imports poised to rebound in May Singapore's gasoil imports are on course to rebound in May from …
26 May Japan to end oil product subsidy in September Japan's trade and industry ministry (Meti) will end its oil product subsidy at the end of September, in consideration of …
26 May Fire extinguished on Shell bitumen barge A Shell-chartered bitumen barge caught fire in the early hours of Friday at …
25 May Singapore fuel oil stocks fall to over nine-month lows Singapore's onshore fuel oil stocks fell for a seventh consecutive week to over …
25 May Diesel demand sinks again in Italy Italian diesel and gasoil consumption slowed by 7pc month on month in …
25 May Nigerian diesel prices fall ahead of Dangote production Nigerian automotive gas oil (AGO) prices have fallen in recent days as the sooner than expected start-up of the 650,000 b/d Dangote refinery added to the …
26 May UK refinery output declined on lower demand in April Total refinery output in the UK fell by 17pc in April from March, according to …
23 May Monjasa bunker sales at record high Danish marine fuel trading and supply firm Monjasa's global bunker sales reached a record high …
23 May PetroPeru offers fuel oil tender for June State-owned PetroPeru will accept offers for one high-sulphur residual fuel oil (HSFO) cargo …
23 May Shipowner Navigator Gas' profits slip in 1Q New-York listed LPG Shipowner Navigator Gas' profits declined on the year in …
22 May Asian LSFO markets to ease further with rising inflows Singapore low-sulphur fuel oil (LSFO) margins rose to three-month highs last week on …
22 May Tight market supports HSFO margins in Europe Rising demand and tight supply are bolstering high-sulphur fuel oil margins in northwest Europe.
Related news posts
India’s Coromandel to build Kakinada fertilizer complex
India’s Coromandel to build Kakinada fertilizer complex
Singapore, 2 May (Argus) — Indian fertilizer producer Coromandel International will build a 650 t/d phosphoric acid-sulphuric acid complex facility in Kakinada, Andhra Pradesh with an investment of approximately 10bn rupees ($120mn). The project is expected to commission in two years' time, CIL's executive chairman Arun Alagappan said on 26 April. Phosphoric acid and sulphuric acid are used in the production of phosphate fertilizers like DAP and NPKs. CIL's new phosphoric acid facility aims to provide for its fertilizer manufacturing and to replace more than 50pc of the plant's import requirements. It also plans to build a 1,800 t/d sulphuric acid plant to supplement phosphoric acid production. By Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US southbound barge demand falls off earlier than usual
US southbound barge demand falls off earlier than usual
Houston, 1 May (Argus) — Southbound barge rates in the US have fallen on unseasonably low demand because of increased competition in the international grain market. Rates for voyages down river have deteriorated to "unsustainable" levels, said American Commercial Barge Line. Southbound rates declined in April to an average tariff of 284pc across all rivers this April, according to the US Department of Agriculture (USDA), which is below breakeven levels for many barge carriers. Rates typically do not fall below a 300pc tariff until May or June. Southbound freight values for May are expected to hold steady or move lower, said sources this week. Southbound activity has increased recently because of the low rates, but not enough to push prices up. The US has already sold 84pc of its forecast corn exports and 89pc of forecast soybean exports with only five months left until the end of the corn and soybean marketing year, according to the USDA. US corn and soybean prices have come down since the beginning of the year in order to stay competitive with other origins. The USDA lowered its forecast for US soybean exports by 545,000t in its April report as soybeans from Brazil and Argentina were more competitively priced. US farmers are holding onto more of their harvest from last year because of low crop prices, curbing exports. Prompt CBOT corn futures averaged $435/bushel in April, down 34pc from April 2023. Weak southbound demand could last until fall when the US enters harvest season and exports ramp up southbound barge demand. Major agriculture-producing countries such as Argentina and Brazil are expected to export their grain harvest before the US. Brazil has finished planting corn on time . unlike last year. The US may face less competition from Brazil in the fall as a result. Carriers are tying up barges earlier than usual to avoid losses on southbound barge voyages. Carriers that have already parked their barges will take their time re-entering the market unless tariffs become profitable again. The carriers who remain on the river will gain more southbound market share and possibly more northbound spot interest. By Meghan Yoyotte and Eduardo Gonzalez Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Fed signals rates likely to stay high for longer
US Fed signals rates likely to stay high for longer
Houston, 1 May (Argus) — Federal Reserve policymakers signaled they are likely to hold rates higher for longer until they are confident inflation is slowing "sustainably" towards the 2pc target. The Federal Open Market Committee (FOMC) held the federal funds target rate unchanged at a 23-year high of 5.25-5.5pc, for the sixth consecutive meeting. This followed 11 rate increases from March 2022 through July 2023 that amounted to the most aggressive hiking campaign in four decades. "We don't think it would be appropriate to dial back our restrictive policy stance until we've gained greater confidence that inflation is moving down sustainably," Fed chair Jerome Powell told a press conference after the meeting. "It appears it'll take longer to reach the point of confidence that rate cuts will be in scope." In a statement the FOMC cited a lack of further progress towards the committee's 2pc inflation objective in recent months as part of the decision to hold the rate steady. Despite this, the FOMC said the risks to achieving its employment and inflation goals "have moved toward better balance over the past year," shifting prior language that said the goals "are moving into better balance." The decision to keep rates steady was widely expected. CME's FedWatch tool, which tracks fed funds futures trading, had assigned a 99pc probability to the Fed holding rates steady today while giving 58pc odds of rate declines beginning at the 7 November meeting. In March, Fed policymakers had signaled they believed three quarter points cuts were likely this year. Inflation has ticked up lately after falling from four-decade highs in mid-2022. The consumer price index inched back up to an annual 3.5pc in March after reaching a recent low of 3pc in June 2023. The employment cost index edged up in the first quarter to the highest in a year. At the same time, job growth, wages and demand have remained resilient. The Fed also said it would begin slowing the pace of reducing its balance sheet of Treasuries and other notes in June, partly to avoid stress in money markets. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Norwegian Cruise swings to 1Q profit
Norwegian Cruise swings to 1Q profit
New York, 1 May (Argus) — 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 Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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