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Peninsula eyes B100 marine fuel supply in Barcelona

  • Spanish Market: Biofuels, Oil products
  • 24/04/24

Marine fuel supplier and trader Peninsula has added a chemical tanker to its fleet in Barcelona, with a view to supply the port with B100 marine biodiesel.

Aalborg meets chemical tanker regulations under the International Maritime Organisation (IMO)'s International Convention for the Prevention of Pollution from Ships (MARPOL) Annex II. This means the tanker can supply marine biodiesel blends containing up to 100pc fatty acid methyl ester (Fame), which conventional oil tankers are unable to do. Oil tankers and barges are limited to up to 25pc Fame.

Peninsula added that the Aalborg is also used to supply conventional fossil bunker fuels such as very-low sulphur fuel oil (VLSFO) and marine gasoil (MGO). It is yet to complete a B100 delivery in Barcelona.

Market participants pointed to limited demand for B100 in the Mediterranean, but regulatory changes such as the introduction of FuelEU maritime next year may help to support demand for marine biodiesel blends.


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17/03/25

UK launches anti-dumping probe into US-origin HVO

UK launches anti-dumping probe into US-origin HVO

London, 17 March (Argus) — The UK today began an anti-dumping investigation into hydrotreated vegetable oil (HVO) from the US. An application for the investigation was lodged by the UK Renewable Transport Fuel Association (RTFA) and UK-based biofuels producers Greenergy, Argent Energy and Olleco. The goods subject to investigation are "biodiesel obtained from synthesis or hydrotreatment of oils and fats of non-fossil origin, in pure form or as included in a blend". The UK trade remedies authority (TRA) specified that sustainable aviation fuel (SAF) is excluded from this definition. The investigation period spans from 1 January 2024 to 31 December 2024. During this time, the applicants allege HVO was imported into the UK at prices below the "normal value". They say this alleged dumping led to an actual and potential decline in production, domestic sales, and profitability. The UK removed transposed EU anti-dumping and countervailing duties on imports of HVO from the US and Canada in 2022. The EU first imposed anti-dumping duties for US-origin HVO in 2009 , and the current duties are in place until August 2026. Those in the market said the effect of the UK investigation is being mitigated by proposed guidance on the US 45Z clean fuel production credits released earlier this year. This has already slowed discussions around new imports of US-origin HVO into T1 duty markets. The guidance does not allow US producers to claim the tax credit using imported used cooking oil (UCO), meaning US supply of UCO-based HVO could decrease or be reserved for the domestic market, participants said. HVO, or renewable diesel, is a drop-in biofuel that can go well beyond the European 7pc blend wall for biodiesel. UK HVO consumption increased by 38pc on the year in 2024 to 699mn l, according to the latest provisional release of UK Renewable Transport Fuel Obligation statistics . This was mostly due to increased imports of US-origin HVO, according to market participants. Interested parties must register by 1 April, after which they will be able to submit comments. The TRA aims to make a final recommendation in March 2026. By Evelina Lungu Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

German gasoil demand rises but remains weak


17/03/25
17/03/25

German gasoil demand rises but remains weak

Hamburg, 17 March (Argus) — Wholesale diesel and heating oil sales in Germany continue to rise this year and supply is ample, particularly along the Rhine river. But demand remains weak compared with this time last year making imports uneconomical. Diesel demand is rising seasonally because of warmer temperatures and an associated uptick in agriculture and construction activity. Heating oil demand is being boosted by falling prices, which are as low as they were in December even with the increased German greenhouse gas (GHG) reduction quota and CO2 levy in place since the turn of the year. In the Rhine areas of western and southwestern Germany, the price of heating oil and diesel is lower than it is in northern, eastern and the southeastern Bavaria regions. This suggests that, partly because of ample refinery production in the west, available product exceeds current demand. Low Rhine water levels since the beginning of March, which reduce barge loadings upstream from Kaub, have not led to shortages. Another indication of low import demand is that freight rates have risen only slightly despite the low water levels and some canal closures. Argus ' calculations show spot imports from the Amsterdam-Rotterdam-Antwerp (ARA) hub along the Rhine would currently be loss-making. Maintenance work at the Bayernoil consortium's 215,000 b/d Vohburg-Neustadt refinery north of Munich, which started in early March, is leading to the highest regional prices in Germany. Traded spot volumes are correspondingly low. Gasoil imports by sea cargo into northern Germany are at their lowest level in at least two years. This could contribute to the price in northern and eastern Germany being somewhat higher than in the west and southwest. German diesel demand in 2025 remains below average in a multi-year comparison. The main reason for this is declining industrial production and a resulting decrease in freight activity. The German truck toll index fell to its lowest February value in eight years. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump actions fuel trading uncertainty


17/03/25
17/03/25

Trump actions fuel trading uncertainty

Boca Raton, 17 March (Argus) — President Donald Trump's unpredictable actions on tariffs, foreign affairs and the economy are creating volatility in futures markets at a time of increased concerns about the stability of investments made in the US. Trump has roiled global markets by announcing — and sometimes retracting the same day — tariffs on Canada, Mexico, China and other trading partners without offering a clear explanation of what outcome he hopes to achieve. The Chicago Board Options Exchange's VIX volatility index, which uses options trades to track the likelihood of major stock market swings, has nearly doubled since Trump took office and hit a seven-month high last week. The pace and breadth of Trump's agenda are "surprising even his most ardent supporters" and resulted in markets having "mixed feelings" over his policies, Futures Industry Association president Walt Lukken said on 10 March at the International Futures Industry Conference in Boca Raton, Florida. According to a recent survey, the industry group's members identified tariffs as the top policy that could negatively affect markets, Lukken said. Trump's oft-stated desire to annex Greenland and Canada and his willingness to allow carmaker Tesla's chief executive, Elon Musk, to exert vast power in his administration without a clear conflict-of-interest policy have helped rattle investor confidence, European exchange Euronext chief executive Stephane Boujnah said on the sidelines of the conference. US assets could start trading at a discount because of concerns over the rule of law and an "oligarch risk" that usually exists in emerging markets, he said. "One of the features of the emerging market is that you invest, you own something, until the guy with gold who is close to the ruler wants it too," Boujnah said. Traders who in the past might have stayed away from markets during periods of volatility no longer have the "luxury to do that in the world that we live in today", CME Group chief executive Terrence Duffy said. "Globally, it's not going to go away, so it's something we all need to deal with," Duffy said. CME reported record trading volumes for natural gas futures and options in January and February, which company executives have attributed in part to years of growing US energy exports. "As the US continues to both produce and export crude and natural gas at record quantities, putting US physical products on the market, customers are coming to the main market to hedge that exposure," CME commodities global head Derek Sammann said on the sidelines of the conference. Double-edged sword Higher volatility can benefit exchanges, trading platforms and traders because their revenue is often tied to trading volumes. But too much volatility in markets can cause some traders to sit on the sidelines, resulting in increased price spreads between buyers and sellers, trading platform Trading Technologies executive vice-president of futures and options Alun Green said. "We're still in a well-established, well-worked volatile market, but I think that there are some areas where people are not quite as willing to go in and take risks," Green said. Trump's push for an across-the-board cut to regulations and his attempt to wrest control of the independent federal agencies that oversee financial markets could end up causing problems in markets if they eventually result in a market crash, according to some regulators. "I do fear sometimes when we whipsaw too much, that then things can get deregulated too much, and then we create some amount of risk that we then can't handle," US commodities regulator CFTC member Christy Goldsmith Romero, a Democratic appointee, said. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Açúcar: Mudança tributária abre espaço diplomático


13/03/25
13/03/25

Açúcar: Mudança tributária abre espaço diplomático

Sao Paulo, 13 March (Argus) — A isenção das importações de açúcar no Brasil é avaliada como uma tentativa de demonstrar aos Estados Unidos disposição em realizar acordos comerciais com o país, após o governo norte-americano sinalizar a possibilidade de aumentar as tarifas sobre alguns produtos brasileiros . Ao retirar as tarifas sobre o açúcar, o Brasil abre espaço para negociar a possibilidade de manutenção das tarifas de etanol, de acordo com Renato Cunha, presidente da Associação dos Produtores de Açúcar, Etanol e Bioenergia das regiões Norte e Nordeste (NovaBio). Etanol e açúcar são mercados correlatos no Brasil e as negociações dos dois costumam estar interligadas. Ambos são derivados da cana-de-açúcar e a produção de um produto ocorre em detrimento do outro. O governo brasileiro anunciou em 6 de março a eliminação dos impostos para importações de itens considerados essenciais, como o açúcar, milho, azeite, café e óleo de soja, com o intuito de reduzir os preços dos alimentos, em meio à aceleração da inflação. No caso do açúcar, o efeito sobre a inflação tende a ser limitado. O Brasil – maior produtor e exportador mundial de açúcar – é autossuficiente na produção do adoçante e as importações representam volumes mínimos no mercado. O Brasil exportou cerca de 33,5 milhões de t em 2024, alta de 23,8pc em comparação com 2023, a partir de uma produção de 42,4 milhões de t na safra 2023-24, de acordo com a Unica. Vantagens competitivas do açúcar brasileiro Mesmo que a isenção de tarifas para importar açúcar – que antes eram de até 14pc – facilite a abertura de novos mercados e crie eventuais oportunidades para os consumidores brasileiros, o produto nacional ainda é mais barato, pelos custos de produção mais baixos em relação a outros países. Os custos para produzir açúcar no Brasil são de aproximadamente 15¢/lb (equivalente a R$1,92/kg), enquanto na Tailândia – segundo maior exportador de açúcar – eles estão próximos de 21,5¢/lb, segundo participantes de mercado. Na Índia e Austrália, terceiro e quarto maiores exportadores, os custos são de aproximadamente 22,4¢/lb e 18,3¢/lb, respectivamente. Para que haja uma redução efetiva dos preços do açúcar, é necessária uma revisão nos custos de toda a cadeia produtiva até as gôndolas do mercado, disse José Guilherme Nogueira, presidente da Organização de Associações de Produtores de Cana do Brasil (Orplana). Para Nogueira, é importante se atentar a fatores além da produção, como custos de frete e seguro, áreas passíveis de atuação do governo. Como a produção é suficiente para o consumo nacional e há um grande volume excedente, o açúcar brasileiro acaba sendo majoritariamente exportado, sem o mercado externo representar efetivamente uma concorrência para o consumidor brasileiro. O preço do açúcar cristal branco registrou uma média de R$155,3/ saca de 50kg em janeiro - ou $24,9/sc na paridade de exportação, com a cotação média do dólar norte-americano a R$6,02 – segundo o indicador do Centro de Estudos Avançados em Economia Aplicada (CEPEA/Esalq). Em janeiro de 2024, os preços no mercado nacional estavam R$145,04/sc, em média, e $29,5/sc, considerando uma taxa cambial média de R$4,91. Isso mostra que mesmo com o dólar mais alto neste ano, o mercado doméstico de açúcar segue remunerando mais que o mercado externo, em comparação com o mesmo período no ano passado. Por Maria Albuquerque Envie comentários e solicite mais informações em feedback@argusmedia.com Copyright © 2025. Argus Media group . Todos os direitos reservados.

Nigeria's port authority raises import tariffs


13/03/25
13/03/25

Nigeria's port authority raises import tariffs

London, 13 March (Argus) — The Nigerian Ports Authority (NPA) has raised tariffs by 15pc on imports "across board", taking effect on 3 March, according to a document shown to Argus . The move comes as the independently-owned 650,000 b/d Dangote refinery continues to capture domestic market share through aggressive price cuts, pushing imported gasoline below market value in the country. Sources said that Dangote cut ex-rack gasoline prices to 805 naira/litre (52¢/l) today, from between 818-833N/l. The rise in NPA tariffs may add on additional cost pressures onto trading houses shipping gasoline to Nigeria, potentially affecting price competitiveness against Dangote products further. The move would increase product and crude cargo import costs, according to market participants. But one shipping source said the impact would be marginal as current costs are "slim", while one west African crude trader noted that the tariffs would amount to a few cents per barrel and represent a minor rise in freight costs. Port dues in Nigeria are currently around 20¢/bl, the trader added. One shipping source expects oil products imports to continue to flow in, because demand is still there. Nigeria's NNPC previously said the country's gasoline demand is on average around 37,800 t/d. Over half of supplies come from imports, the country's downstream regulator NMDPRA said. According to another shipping source, Dangote supplied around 526,000t of gasoline in the country, making up over half of product supplied. The refinery also supplied 113,000t of gasoil — a third of total total volumes in the country — and half of Nigeria's jet at 28,000t. By George Maher-Bonnett and Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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