EPS to register six ammonia-powered newbuilds with SRS
Shipping firm Eastern Pacific Shipping (EPS) will register six dual-fuel ammonia powered vessels, due to be delivered from 2026, with the Singapore Registry of Ships (SRS).
The commitment is part of an initial agreement with Singapore's Maritime and Port Authority (MPA), vessel classification organisation American Bureau of Shipping (ABS) and Lloyd's Register. EPS said the collaboration with the MPA will extend to supporting crew and seafarer training on the vessels powered by "zero and near-zero emission fuels", in addition to pilot trials of these fuels, and building on the capacity and infrastructure required for ammonia bunkering.
Argus assessed the price of green ammonia dob east Asia on a very-low sulphur fuel oil energy density equivalent (VLSFOe) at $2,608.90/t in March, a premium of over $1,975.08/t against VLSFO dob Singapore. Grey ammonia in east Asia was assessed at an average of $829.52/t VLSFOe across March, a premium of $195.70/t to VLSFO dob Singapore.
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BayWa suspends 2024 profit forecast over restructuring
BayWa suspends 2024 profit forecast over restructuring
London, 25 July (Argus) — German agricultural group BayWa on Wednesday suspended its full-year profit forecast due on 8 August, citing ongoing restructuring. It posted a preliminary revenue of €10.7bn ($11.6bn) for the first half of the year, down by 15pc from €12.6bn a year ago. BayWa's first-half 2024 preliminary earnings before interest, tax, depreciation and amortisation stood at €149.5mn, less than half of the €322.1mn earned in the same period last year. BayWa said it continues to be in constructive talks with its financing partners, adding that it also has postponed publication of the final half-yearly results to 27 September, citing impairment reviews. The company commissioned a restructuring report on 12 July in response to a "strained financing situation". The Munich-headquartered BayWa Group operates in the fields of energy, agriculture — including fertilizers — and building materials. By Suzie Skipper Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore shortlists consortia for NH3 power, bunkering
Singapore shortlists consortia for NH3 power, bunkering
Singapore, 25 July (Argus) — The Maritime and Port Authority of Singapore (MPA) and the Energy Market Authority (EMA) selected two consortia, with one of them likely to lead the project to develop ammonia as a low or zero-carbon solution for power generation and bunkering in the island nation. MPA and EMA selected the two consortia from a total of [six firms that were shortlisted in 2023]https://direct.argusmedia.com/newsandanalysis/article/2501511), after a request for proposal (RFP) was launched. The final selection from the chosen two will be made in the first quarter of 2025. This project, which is part of Singapore's national hydrogen strategy , is looking at developing end-to-end ammonia solution that can generate 55-65MW of electricity via direct combustion in combined cycle gas turbines. Low- to zero-carbon ammonia would be imported and used for this purpose. The project is aiming for 100,000 t/yr of ammonia bunkering, starting with shore-to-ship bunkering followed by ship-to-ship bunkering. The two consortium leads are Singaporean conglomerate Keppel's arm Keppel Infrastructure, as well as Singaporean-based Sembcorp-SLNG. The consortia also include the following bunkering participants - Japan's shipping firm NYK Line, as well as Japanese trading firms Sumitomo and Itochu. By Mahua Chakravarty Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Refining, LNG segments take Total’s profit lower in 2Q
Refining, LNG segments take Total’s profit lower in 2Q
London, 25 July (Argus) — TotalEnergies said today that a worsening performance at its downstream Refining & Chemicals business and its Integrated LNG segment led to a 7pc year-on-year decline in profit in the second quarter. Profit of $3.79bn was down from $5.72bn for the January-March quarter and from $4.09bn in the second quarter of 2023. When adjusted for inventory effects and special items, profit was $4.67bn — slightly lower than analysts had been expecting and 6pc down on the immediately preceding quarter. The biggest hit to profits was at the Refining & Chemicals segment, which reported an adjusted operating profit of $639mn for the April-June period, a 36pc fall on the year. Earlier in July, TotalEnergies had flagged lower refining margins in Europe and the Middle East, with its European Refining Margin Marker down by 37pc to $44.9/t compared with the first quarter. This margin decline was partially compensated for by an increase in its refineries' utilisation rate: to 84pc in April-June from 79pc in the first quarter. The company's Integrated LNG business saw a 13pc year on year decline in its adjusted operating profit, to $1.15bn. TotalEnergies cited lower LNG prices and sales, and said its gas trading operation "did not fully benefit in markets characterised by lower volatility than during the first half of 2023." A bright spot was the Exploration & Production business, where adjusted operating profit rose by 14pc on the year to $2.67bn. This was mainly driven by higher oil prices, which were partially offset by lower gas realisations and production. The company's second-quarter production averaged 2.44mn b/d of oil equivalent (boe/d), down by 1pc from 2.46mn boe/d reported for the January-March period and from the 2.47mn boe/d average in the second quarter of 2023. TotalEnergies attributed the quarter-on-quarter decline to a greater level of planned maintenance, particularly in the North Sea. But it said its underlying production — excluding the Canadian oil sands assets it sold last year — was up by 3pc on the year. This was largely thanks to the start up and ramp up of projects including Mero 2 offshore Brazil, Block 10 in Oman, Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Absheron in Azerbaijan. TotalEnergies said production also benefited from its entry into the producing fields Ratawi, in Iraq, and Dorado in the US. The company expects production in a 2.4mn-2.45mn boe/d range in the third quarter, when its Anchor project in the US Gulf of Mexico is expected to start up. The company increased profit at its Integrated Power segment, which contains its renewables and gas-fired power operations. Adjusted operating profit rose by 12pc year-on-year to $502mn and net power production rose by 10pc to 9.1TWh. TotalEnergies' cash flow from operations, excluding working capital, was $7.78bn in April-June — an 8pc fall from a year earlier. The company has maintained its second interim dividend for 2024 at €0.79/share and plans to buy back up to $2bn of its shares in the third quarter, in line with its repurchases in previous quarters. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Mercado mexicano de turbosina evalúa cambios de Pemex
Mercado mexicano de turbosina evalúa cambios de Pemex
Mexico City, 24 July (Argus) — La cadena de valor del mercado de turbosina en México podría sufrir cambios drásticos, luego de que la empresa estatal mexicana Pemex eliminara su programa de descuentos por volumen para las ventas de turbosina. Los precios de turbosina a partir del 1 de julio se determinan bajo el esquema de "precio único" anunciado por Pemex mediante un aviso oficial el 28 de junio, según una nota de Aeropuertos y Servicios Auxiliares (ASA), el mayor cliente de turbosina de Pemex y el principal proveedor de combustible de aviación en México. Pemex afirmó en su aviso del 28 de junio que el cambio tiene como objetivo mejorar su oferta para el consumidor final y proporcionar "un precio competitivo" para todos sus clientes. La empresa no ha respondido a una solicitud de comentarios de Argus desde el 12 de julio. El programa de descuentos por volumen, activo hasta junio, permitía a los grandes participantes del mercado reducir los costes de la turbosina a través de grandes volúmenes de compra. Este cambio, junto con un peso mexicano más fuerte frente al dólar estadounidense, probablemente provocó una disminución considerable de los precios de turbosina en los principales aeropuertos de México, a pesar de la subida de los precios internacionales. El precio promedio de la turbosina en los cinco principales aeropuertos de México cayó en 5pc a Ps13.23/l ($2.75/USG) durante la semana del 2 al 8 de julio, desde Ps13.87/l la semana anterior, según cálculos de Argus basados en las tarifas de ASA. Sin embargo, el 1 de julio, los precios de la turbosina entregada en la costa este de México desde la costa del Golfo de EE. UU. habían aumentado en 6pc. Los precios cayeron aún más en esos aeropuertos durante la semana del 16 al 21 de julio, alcanzando su punto más bajo en cinco semanas, con un promedio de Ps12.96/l. Los precios al mayoreo de Pemex no incluyen costes logísticos ni impuestos. Los principales aeropuertos de México por número de pasajeros son Ciudad de México, Cancún, Guadalajara, Monterrey y Tijuana. Los principales distribuidores de turbosina en los aeropuertos, incluyendo a ASA y algunas empresas del sector privado, ya no mantendrán su ventaja competitiva como grandes compradores bajo el nuevo régimen de precio único, lo que podría abrir de forma abrupta el mercado mexicano de turbosina a una mayor competencia. El nuevo régimen de precios podría favorecer a la empresa militar Gafsacomm, que comenzó a vender combustible para aviones en algunos aeropuertos menores este año. Los volúmenes de ventas de Gafsacomm no cumplían los requisitos para recibir descuentos, lo que colocó a la compañía en desventaja frente a los competidores más grandes. Gafsacomm se creó en abril de 2022 y está a cargo de la secretaría de defensa (Sedena). La empresa también opera una docena de aeropuertos y la aerolínea comercial Mexicana de Aviación, que comenzó operaciones a finales de diciembre. La creciente implicación de Sedena y la marina en el sector de aviación bajo el presidente Andrés Manuel López Obrador ha puesto en desventaja a otras empresas, incluidas las aerolíneas comerciales, según Cofece, el vigilante de la competencia de México. Gafsacomm comenzó a vender turbosina en el nuevo aeropuerto de Tulum este año y en el aeropuerto internacional Felipe Ángeles (AIFA) en mayo. Por el contrario, el refinador estadounidense Valero, la única empresa del sector privado que tiene un permiso válido de importación de turbosina en México, podría ampliar su negocio, ya que el nuevo esquema de precios de Pemex podría abrirle oportunidades en algunos aeropuertos. Mientras tanto, la eliminación del régimen de descuentos podría obstaculizar a las tres principales aerolíneas comerciales de México, que ya no recibirán descuentos por volumen y perderán competitividad frente a las aerolíneas regionales más pequeñas, además de las aerolíneas extranjeras. Pero el impacto en las aerolíneas podría no ser significativo, ya que algunas tienen contratos de suministro directo con Pemex, según fuentes del mercado. El gobierno tiene un monopolio sobre el mercado de turbosina de México, con Pemex suministrando gran parte del mercado. La turbosina fue el último de los productos petrolíferos en abrirse a una mayor competencia en México después de los cambios constitucionales en 2014, pero el progreso de la reforma se detuvo bajo la administración de López Obrador, que ha impulsado una política de soberanía energética. Por Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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