Marine fuel global weekly market update

: Biofuels, E-fuels, Emissions, Fertilizers, Hydrogen, LPG, Natural gas, Oil products, Petrochemicals
23/10/27

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

27 October Gasum performs first LNG bunkering in Hamburg Finnish firm Gasum has performed its first LNG bunkering operation in the German port of Hamburg, the firm said today.

27 October Japan to study ammonia FSRU at Tsuruga port Japan's Fukui prefecture government and private-sector firms will cooperate to explore opportunities to develop hydrogen and ammonia supply chains using a floating storage and regasification unit (FSRU) at the port of Tsuruga in Fukui prefecture.

27 October Japan's NYK adds to LNG-fuelled car carrier fleet Japanese shipping firm Nippon Yusen Kaisha (NYK) Line) has launched its seventh LNG-fuelled car carrier, as it targets to deploy 20 such carriers by 2028.

27 October Italian biodiesel imports at four-year low in July Italian biodiesel imports fell in July to their lowest since December 2018, likely because of EU curbs on imports from China.

27 October Japan's Mol, Germany's Hy2gen tie up on e-methanol Japanese ship operator Mitsui OSK Lines (Mol) and German hydrogen developer Hy2gen will work together to explore the use of e-methanol from Hy2gen's Nautilus project in Lower Saxony, Germany.

26 October North Star orders methanol-ready vessels UK-based ship owner North Star has put an order for two new methanol-ready commissioning service operations vessels (CSOVs).

26 October Royal Caribbean 3Q profit tops pre-Covid US-based cruise ship operator Royal Caribbean's third quarter profit surpassed its third quarter 2019 level prior to the Covid-19 pandemic that curtailed travel demand.

26 October Neste to ramp up Singapore biofuels output in 1H Nov Finnish biofuels producer Neste expects its Singapore plant's renewable diesel and sustainable aviation fuel (SAF) production new line to restart in first-half November.

26 October Japan's Itochu to study ammonia bunkering in Suez Canal Japanese trading house Itochu will study ammonia bunkering operations in the Suez Canal with Egypt-based Orascom Construction, as part of Itochu's strategy to develop more ammonia bunkering points globally.

26 October Aramco-S-Oil blue ammonia deal deepens Saudi-Korea ties South Korean refiner S-Oil has signed a letter of intent (LOI) to buy blue ammonia from Saudi Arabia's state-controlled Saudi Aramco, as the two countries continue to strengthen their cross-sectoral partnership.

25 October Bunker holding finds green ammonia production partner Bunker holding, the world's largest marine fuels trader and supplier, announced today that it has signed a memorandum of understanding with NeoGreen Hydrogen Corporation to work on bringing green ammonia and synthetic fuels to the marine fuels market in preparation for incoming environmental regulation in the maritime sector.

25 October Yara invests in bunkering start-up The investment arm of Norway-based fertilizer giant Yara has purchased a 14.5pc stake in Norwegian ammonia bunkering start-up Azane Fuel Solutions.

25 October Seaside LNG receives new LNG bunker barge US-based small-scale LNG firm Seaside LNG and its bunkering arm Polaris New Energy received the new 5,500m³ LNG bunker barge Clean Everglades yesterday.

25 October Crowley to start LNG bunkering at Panama Canal US shipping firm Crowley is planning to start up LNG bunkering services on the Panama Canal's Pacific coast next year, it said.

25 October European firms sign for Qatari LNG beyond 2050 Three major European firms — TotalEnergies, Shell and Italy's Eni — have signed a number of LNG supply contracts with Qatar's state-owned producer, QatarEnergy (QE), for up to 8mn t/yr and stretching until the early 2050s.

25 October Japan's Mol to charter sixth LNG carrier for Jera Japanese shipping company Mitsui OSK Line (Mol) has signed a long-term charter agreement with power producer Jera to operate a new LNG carrier, which will be delivered by 2027.

24 October Vitol to add Singapore barges for biofuels bunkering Global oil trading firm Vitol plans to deliver specialised barges to Singapore to meet growing demand for biofuels bunkering.

24 October Celsius orders two more LNG carriers from China's CMI Danish shipowner Celsius Shipping has ordered two more LNG carriers from Chinese state-controlled shipowner China Merchants' (CMI) Heavy Industry subsidiary, following an order for four carriers placed in January, CMI said on 23 October.

24 October Philippines will not pursue UCO biodiesel: minister The Philippines will not pursue the use of waste oils such as used cooking oil (UCO) for domestic biodiesel production because of quality concerns and adequate supplies of domestic vegetable oil feedstock.

23 October Singapore shortlists firms for ammonia power, bunkering Singapore has shortlisted six firms to develop a low- or zero-carbon ammonia solution for power generation and bunkering on Jurong island, as part of the city-state's decarbonisation efforts.

23 October Raizen and Wartsila to research marine ethanol Brazil's top sugar and ethanol milling group Raizen has partnered with Finnish engine manufacturer Wartsila Marine to research and promote ethanol fuel in shipping firms' decarbonisation plans.

23 October Rotterdam bunker sales down in 3Q, alternatives rise Overall bunker fuel sales at the port of Rotterdam, Europe's largest marine refuelling hub, fell in the July-September quarter, as lagging global economic growth and geopolitical tensions limited shipping demand. But alternative fuel purchases rallied.

Conventional marine fuels

27 October Pemex Tula, Salina Cruz cokers delayed again Pemex's new cokers at the Tula and Salina Cruz refineries will start in the fourth quarter of 2024 and the fourth quarter of 2025, respectively, likely extending the company's struggles to increase gasoline and diesel output for another year.

27 October Pemex's refinery throughput down in 3Q Mexico's state-owned Pemex processed 4pc less crude at its six domestic refineries in the third quarter despite major government investments in maintenance.

27 October Kuwaiti VLSFO flows to Singapore dry up Singapore has received marine fuel from as far away as Brazil, as Kuwait's al-Zour refinery directs its very-low sulphur fuel oil (VLSFO) to domestic power plants.

27 October NWE VLSFO returns to a discount against Brent Very-low sulphur fuel oil (VLSFO) fob barges in northwest Europe returned to a discount against the front-month Ice Brent crude futures contract for the first time in a month, according to Argus data. VLSFO's margin to the crude futures marker was at an 8¢/bl discount on 26 October, its lowest since 29 September.

27 October World Kinect eyes 4Q bunker revenue slump US-based fuel supplier World Kinect, formerly known as World Fuel Services, expects its fourth quarter marine fuel revenue to decline compared to the same period in 2022 because of softer marine fuel prices and decreased volatility.

26 October UK shipbuilders A&P and Cammel Laird join forces UK-based shipbuilder Cammel Laird and ship repair and conversion specialist A&P Group have decided to join forces under a new umbrella entity called APCL Group. A&P Australia and the UK's project management specialist Neway Industrial Services will also be brought under the APCL banner.

26 October Strong freight rates drive second hand ship sales The rise in freight rates in recent months helped secondhand sales of tankers and bulkers rise in October, driving vessel prices higher across all sizes, according to shipbrokers.

26 October Sluggish week in newbuild tanker, dry bulk market Newbuild orders dipped to 668,000 deadweight tonnes (dwt) in the week ending 22 October, down 2.03mn dwt from the week before.

26 October Further refinery consolidations possible in Japan: PAJ Further refinery consolidations are possible in Japan as domestic refineries are getting older, Japanese oil industry lobby group the Petroleum Association of Japan (PAJ) said.

26 October Mexico evaluates damages of Otis hurricane Hurricane Otis, the strongest hurricane to make landfall on Mexico's Pacific coast, has left 27 dead, four missing and devastated energy, communications, health and tourism infrastructure across Acapulco and surrounding coastal Guerrero areas, President Andres Manuel Lopez Obrador said today.

26 October Total restarting Port Arthur refinery mid-November TotalEnergies expects to restart its 238,000 b/d Port Arthur, Texas, refinery in mid-November, bringing company-wide refinery utilization rates to above 80pc in the fourth quarter.

25 October VLSFO 3Q viscosity levels increase globally Global viscosity for very low-sulphur fuel oil (VLSFO) for the third quarter of 2023 increased from the same period in the previous two years.

25 October European refinery output tilts even lighter Refiners in the EU-15 and Norway produced an even lighter mix of products in September, according to the latest Euroilstock data, as some planned autumn maintenance started.

25 October Asian 500ppm sulphur gasoil dips on weaker demand Weakening demand coupled with more supplies have lowered prices of Asian 500ppm (0.05pc) sulphur gasoil, widening the spread between the grade and ultra-low sulphur diesel to a six-month high.

24 October Navios CEO secures deal to take firm private Shipping firm Navios Maritime Holdings (NMH) chief executive Angeliki Frangou will acquire all of the firm's outstanding shares through privately held N Logistics Holding Corp (NLHC).

24 October Mediation set for labor dispute at St Lawrence Seaway St Lawrence Seaway Management (SLSMC) and Canadian labor union Unifor will begin mediation talks later this week after dockworkers began striking on 22 October, resulting in the closure of a trade route between Montreal and Lake Erie.

23 October Venezuelan sanctions lift to ease HSFO cracks Washington's decision to lift sanctions on Venezuela's oil and natural gas sector for six months could prop up US Gulf coast residual high-sulphur fuel oil (HSFO) stocks and decrease its crack spread.

23 October Israel's Ashkelon port enters third week of closure Israel's Ashkelon port is entering a third week of closure, according to oil traders, keeping out of action a regular break-bulk hub for Indian diesel entering the Mediterranean.

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

25/12/15

Mosaic pauses Esterhazy potash mining after fatality

Houston, 15 December (Argus) — North American fertilizer producer Mosaic paused potash production today in Esterhazy, Saskatchewan, after a worker died in a mine collapse. According to Mosaic, a "fall of ground" incident took place at the K3 underground mine in Esterhazy, resulting in the death of one employee. No other injuries were reported. The producer's emergency response team was activated following the incident. The site is being secured and a full investigation is underway, Mosaic said. The Esterhazy site has a nameplate capacity of 7.8mn metric tonnes/yr of potash and three mines— K1, K2 and K3— with K3 completed in 2022. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU to dilute Ice vehicle phase out: German lawmaker

25/12/15

EU to dilute Ice vehicle phase out: German lawmaker

Brussels, 15 December (Argus) — The European Commission is likely this week to dilute its plan to phase out sales of new internal combustion engine (Ice) vehicles by 2035, according to a lawmaker. "The ban on internal combustion engines is history," said Manfred Weber, the chair of parliament's largest centre-right group EPP. He said the commission will present on 16 December an automotive package that "will revise the CO2 standards for cars, reversing the disastrous ban on internal combustion engines". Weber is a member of Germany's CDU/CSU party, as is commission president Ursula von der Leyen. German chancellor Friedrich Merz has called on the EU to allow the sale of vehicles with highly efficient combustion engines, plug-in hybrids and range-extender EVs beyond 2035. This had faced pushback, with more than 150 European e-mobility firms requesting the commission "stand firm" on its 2035 target. An EU official said the target is now likely to be for a 90pc GHG reduction from 2035 for new vehicles. "As it stands the targets for 2030, but also 2035, are not realistic," said Sigrid de Vries, director general of the European Automobile Manufacturers' Association (ACEA). "Even with a 90pc target [for reducing GHG by 2035], make no mistake, that will be very, very challenging." The European motor industry has already flagged the possibility of huge fines for manufacturers should they fail to meet existing emissions targets, which are for a 15pc reduction by 2029 compared with a 2021 baseline, and a 55pc reduction from the same baseline in 2030-34. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US-Belarus potash trade may soften MOP pricing outlook

25/12/15

US-Belarus potash trade may soften MOP pricing outlook

London, 15 December (Argus) — Potash trade between the US and Belarus is set to be reinstated after an absence of almost four years, following the lifting of US sanctions on Belarusian potash on 13 December with immediate effect — a move that could soften the outlook for global MOP prices as supply options increase. The relationship between the US and Belarus had started to ease earlier this year when Belarus agreed to release 52 political detainees from its prisons in exchange for the lifting of some sanctions on Belarusian flagship airline Belavia in September. This limited rapprochement generated talk among market participants of the possibility of a further lifting of US sanctions on Belarus, which could affect Belarusian potash. US sanctions on Belarusian potash , which is produced by state-owned Belaruskali and marketed by BPC, have been in place since 2021. But the announcement over the weekend has largely caught the market by surprise. The policy change could lead to a significant shift in potash trade dynamics, with implications that extend well beyond the borders of both countries. For the US, it would further diversify its potash supply chain, reducing its heavy reliance on Canadian imports and improve its negotiating position in ongoing tariff disputes with the country. For Belarus, regaining access to the US market opens up an opportunity to diversify export destinations and stabilise revenues for one its most vital commodities. Such changes could make the US a more competitive market in terms of pricing. At a global level, buyers that had previously stopped purchasing Belarusian potash will have more supply options and could use this as leverage to push down prices with their current suppliers. On the contrary, a potential reduction of Belarusian MOP to other markets in favour of the US would likely see other markets become less competitive. But it is unlikely that the market will see such developments in the near term. It will take some time for US-Belarus trade to resume as administrative and financial processes still need to be put in place, and US potash buyers will need to be incentivised to buy Belarusian MOP over Canadian tons as some still refuse to purchase Russian product. What's in it for the US? The removal of Belarusian potash sanctions enables the US to possibly further diversify its sources for potash imports, signalling that this is more of a White House priority than market participants had originally anticipated. The US has limited domestic MOP production and is heavily reliant on imports, particularly from Canada. The country imported 13.5mn t of MOP for the 2024/25 fertilizer year, with roughly 85pc of it sourced from Canada and 9pc coming from Russia, according to US Census Bureau data. No other major potash import market relies so heavily on one source. Belarusian MOP has not touched US soil since February 2022, but in 2017-21 an average of 635,000 t/yr of Belarusian MOP was brought into the country. This policy change also comes just days after US president Donald Trump claimed he could impose severe tariffs on Canadian fertilizer imports, and the return of trade with Belarus may be used as leverage for the US in the current tariff war between the two countries. But the US will not be able to replace all of the 11mn-12mn t/yr of Canadian potash it needs with Belarusian product. It is also in line with Trump's strategy to secure the country's critical minerals needs. Trump included potash in the administration's list of American critical minerals this year and ordered the US government to fast-track permit reviews for critical minerals projects . The importance of potash was also highlighted when the White House spared a number of potassium-based fertilizer products — MOP, SOP, NOP, NPK and magnesium sulphate — from a raft of tariffs imposed earlier this year. In the US domestic market, traders appear largely unfazed by the new development. There have been strong MOP imports this year and there are currently healthy inventories of MOP across the Corn Belt. Additional volumes from Belarus could oversupply the market, pressuring prices downwards at a time when potash is already the most affordable nutrient domestically. But it is likely to take some time for Belarus to regain market share as it is possible that some companies may self-sanction against Belarusian potash — similar to companies self-sanctioning against Russian potash — while suppliers currently find prices in the US unattractive at $305-310/st fob Nola and alternative markets such as Brazil are providing a better netback, which could deter Belarus from promptly returning to the US market. Potash suppliers often switch between the US and Brazil, depending on which market is paying a premium. Moreover, the administrative processes to facilitate the return of Belarusian trade in the US will also likely take some time to be implemented. What's in it for Belarus? Belarusian potash is one of the most important commodities for the Belarusian economy and provides the country with a major source of foreign revenue. Following sanctions, Belarusian MOP practically disappeared from the global potash market in 2022. Yet Belarus regained its footing in the international market far quicker than expected and has managed to continue selling significant volumes of potash to the global market with the help of creative paperwork and lax enforcement of the sanctions. Russia played a pivotal role in this recovery. After Belarus lost access to the Lithuanian port of Klaipeda — previously the main export hub for Belarusian potash exports — from 1 February 2022, the marketer was forced to declare force majeure and find alternative routes to export its product. Today, most Belarusian potash exports flow through Russian ports, a shift that has increased costs and extended lead times. Argus estimates that Klaipeda typically handled 9mn-11mn t/yr of Belarusian MOP. This year, Belarus is on track to export more than 12mn t, surpassing pre-sanction export levels. Without access to the US and EU markets, Belarus has leaned heavily on markets such as Brazil, China and southeast Asia, often pricing aggressively to maintain market share. The reopening of US trade offers a chance to reduce dependence on these regions. The lifting of the sanctions will also make it significantly easier for companies to trade Belarusian potash around the world, except in the EU and the UK. where sanctions remain on Belarus. Importers that had previously stopped taking Belarusian MOP may now be open to trading with Belarus again. By having an additional supply option, buyers may find they have a stronger negotiating position with existing suppliers, which could put downward pressure on prices. Conversely, markets where Belarus has a strong presence could see a reduction of Belarusian volumes if product shifts toward the US, potentially making those regions less competitive. The policy change also comes at a time when Belarusian MOP capacity is increasing capacity, with the 2mn t/yr Nezhinsky MOP project scheduled for commissioning in the second quarter of 2026, and underscores Belarus' commitment to continue growing its footprint in the global potash market. By Julia Campbell and Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Viewpoint: West Africa refineries key to hub status

25/12/15

Viewpoint: West Africa refineries key to hub status

London, 15 December (Argus) — West Africa is developing into a regional refining and trading hub, backed by state aims to achieve greater refined product self-sufficiency and export capacity. The extent of further change in 2026 will be defined by the fortunes of existing and fledgling refining projects, including Nigeria's 650,000 b/d Dangote and a clutch of smaller plants. The independently-owned Dangote refinery continues to upend regional and global refined product markets, reducing west Africa's reliance on imports. Since gasoline production began at the refinery in September 2024 , Nigeria — the region's largest gasoline importer — has seen net gasoline imports steadily fall to a historic low of 40,000 b/d in September this year, from 332,000 b/d just a year earlier, Kpler data show. Meanwhile, Nigeria's net middle distillate exports hit a record 145,000 b/d in July, up from 82,000 b/d on the year, and the country has broadly been a net exporter of these products since May 2024. As a result, Nigeria and west Africa as a whole are pulling on considerably less gasoline and middle distillates such as gasoil and jet fuel. Year-to-date, the region — spanning Mauritania to Angola — has seen gasoline imports drop by a quarter on the year to 337,000 b/d, while jet imports have collapsed to 4,000 b/d, both the lowest since at least 2016 when Kpler records began. West African gasoil imports have fallen to a five-year low of 162,000 b/d. Dangote has inarguably transformed regional oil product market dynamics, having proven robust through multiple bouts of maintenance works, and there is room for it to capture more of the domestic gasoline market in the year ahead. The same cannot be said for Nigerian state-owned NNPC's refining assets. The company restarted a 60,000 b/d section of the 210,000 b/d Port Harcourt refinery late in 2024 only to shut it again in May this year, while the 125,000 b/d Warri plant restarted in December 2024 before going offline the following month. This underscores the challenges of modernising or rehabilitating long-mothballed facilities along the west African coast. Refiners in other west African countries are expanding their offerings to regional consumers, further eroding market share previously claimed by European traders. Angola's 30,000 b/d Cabinda refinery is up and running , producing mainly gasoil and jet fuel for the domestic market from its first phase. This is likely to curb Angolan middle distillate import demand, with the refinery — a 90:10 joint venture between UK-based Gemcorp and state-owned Sonangol — meeting 10pc of domestic demand. Cabinda's second phase will add gasoline production, but not until around 2028. Angola imported 20,000 b/d of gasoline in January-August, according to Kpler, around 40,000 b/d of diesel and gasoil, and negligible amounts of jet fuel. In Ghana, the 45,000 b/d Tema Oil Refinery (TOR) continues works to restore nameplate capacity. The privately-owned 120,000 b/d Sentuo Oil Refinery and the country's smaller Platon and Akwaaba modular refineries operate sporadically. TOR's return may be a surprise for 2026, with the operator reporting in October that turnaround activities were taking place "aimed at preparing the refinery for a safe and efficient restart". The refinery's prospects look stronger than those of Ghana's Petroleum Hub Development Corporation (PDHC), which appears to have postponed construction of the first of three planned 300,000 b/d refineries since John Mahama returned to power in January for a non-consecutive second term. The PDHC delays highlight the long lead times typical for large-scale refining projects. Dangote itself took nearly a decade to move from its first loan agreement to eventual start-up. Other projects announced this year are unlikely to advance in 2026, making operating or near-complete refineries in Nigeria, Angola and Ghana critical for the region's push towards a bigger role in the downstream market. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Viewpoint: UK offshore faces deeper consolidation

25/12/15

Viewpoint: UK offshore faces deeper consolidation

London, 15 December (Argus) — UK offshore oil and gas operators are bracing for more consolidation next year after the government confirmed the Energy Profits Levy (EPL) will remain in place until March 2030. The EPL, introduced in 2022, raised the headline tax rate on upstream profits to 78pc from 40pc, reshaping project economics and company strategies. Executives argue the current price environment is "far from windfall" and describe the fiscal regime as punitive. Faced with higher taxes and tighter margins, operators are seeking scale and cost savings through mergers and joint ventures. Shell and Norway's state-controlled Equinor formally launched their new UK offshore joint venture, Adura, earlier this month after agreeing the deal in 2024. Also this month, TotalEnergies agreed to form a UK-focused joint venture with Neo Next , an independent owned by Spain's Repsol and Norwegian private equity firm HitecVision. The new business, Neo Next+, will hold more than 50pc of the Elgin-Franklin gas complex, where TotalEnergies is already operator, and interests in several other fields. The deal will leave BP as the only European major still directly operating a UK portfolio itself. Other examples of operators restructuring to manage UK exposure include Italian firm Eni exchanging its UK upstream assets for a stake in North Sea producer Ithaca Energy , and UK independent Harbour Energy merging with Germany's Wintershall Dea in an $11.2bn transaction that added assets offshore Norway and in other regions. Both those deals closed in 2024. Although Harbour has since cut hundreds of North Sea offshore jobs, it is not giving up on the UK. It agreed a deal this month to increase its interest in the UK's Catcher field to 90pc, from 50pc, via a takeover of junior independent Waldorf Production. The deal, which will also give Harbour a stake in the Kraken field, will add 20,000 b/d of oil equivalent (boe/d) to the firm's UK production. Harbour is the UK's largest independent producer for now, with output of 156,000 b/d of oil equivalent (boe/d) from the UK continental shelf in January-September this year. But analysts who track the sector estimate Adura will eventually produce more than 200,000 boe/d. And TotalEnergies expects Neo Next+ to reach 250,000 boe/d in 2026. While operators consolidate to help manage fiscal pressure, the outlook for fresh projects is limited by government policy. Greenfield oil and gas developments in the UK will be scarce in the 2026 and beyond. The government's ban on new licences remains in force. Its North Sea Future Plan, released on budget day, allows limited additional production near existing producing fields. Operators are expected to direct capital spending to near-field tiebacks and other work to lift output from existing developments. Two greenfield projects that could see first oil or gas towards late 2026 are Rosebank and Jackdaw. Equinor and Ithaca continue to work on Rosebank. Shell continues to work on Jackdaw. But the government must still decide whether the resubmitted environmental plans meet the required standard. As for Ithaca Energy's Cambo development, west of Shetlands, which has yet to reach a final investment decision , analysts are increasingly sceptical that it will proceed at all. After the budget, investment bank Stifel issued a "sell" note on Ithaca's shares. Its valuation now assumes Ithaca's 100pc-owned Cambo project will not go ahead. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more