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
5 January 2022 carryover lifts Dutch HBE volumes Dutch oil companies booked 17.28mn renewable fuel tickets (HBE) in the 2023 compliance year into the Energy for Transport Register (REV) by 1 January, down slightly from 17.35mn a year earlier, but a carryover of 16.74mn 2022 tickets lifted the total number on the register to 34.02mn, up from 33.13mn at the beginning of last year, according to the latest Netherlands Emissions Authority (NEA)'s HBE report.
5 January Indonesia's Jan-Nov 2023 biodiesel exports fall Indonesia's biodiesel exports in November 2023 rose from October, although total January-November exports fell from a year earlier probably because of higher domestic consumption.
4 January ARA B30 prices firm as HBE-G multiplier halves Marine biodiesel prices are rising in northwest Europe, boosted by the halving of the Dutch advanced tickets (HBE-Gs) multiplier for maritime blending.
4 January Alternative fuel vessels 45pc of 2023 orderbook Orders for vessels with alternative fuel capabilities accounted for 45pc of the gross tonnage of newbuilds ordered in 2023, Clarksons Research said in its latest Green Technology Tracker.
4 January Repsol biofuels supply in Portugal up by 11pc in 2023 Spanish integrated Repsol supplied 112,000m³ (307 m³/d) of biofuels in Portugal in 2023, up by 11pc on the year supported by the rollout of its advanced hydro-treated vegetable oil (HVO) based 100pc renewable diesel in the country.
3 January Bunker One supplies B100 to NW Europe ferries Bunker One has been supplying B100 biofuel for a month to two passenger ferries connecting Larvik and Kristiansand in Norway and Hirtshals, Denmark.
3 January Ammonia carriers begin Red Sea diversions At least three ammonia carrying vessels are now diverting away from the Suez Canal towards the Cape of Good Hope to avoid transit through the Red Sea, where escalating tensions risk the security of safe maritime passage.
3 January Peninsula starts LNG bunkering at Algeciras UK bunker supplier Peninsula has completed its first LNG bunkering operation in Spain's Port of Algeciras, using its 12,000m³ Levante LNG bunkering vessel.
3 January Red Sea clean tanker diversions halt Clean tanker diversions around the Cape of Good Hope have halted since 25 December, with most vessels now preferring to use the Suez Canal again, according to data from Vortexa.
3 January Spain remains world's largest LNG re-exporter Firms reloaded 3.3mn m³ of LNG across Spain's terminals in 2023, more than any other non-producing country.
3 January LNG carrier orders pass $260mn per vessel in 2023 The price for a newbuild LNG carrier from a South Korean shipyard rose above $260mn/vessel this year, as limited slots at shipyards drove up prices.
3 January Viewpoint: Clean fuels shift may lift Asian LSFO supply An analysis of a shift in power generation feedstock in countries reveals a move towards cleaner and more sustainable fuel alternatives, reshaping Asia's low-sulphur fuel oil (LSFO) supply balance, and likely lifting supply in 2024.
2 January Viewpoint: Brazil biodiesel input demand, risks to rise Brazil's decision to accelerate the national biodiesel blending mandate will contribute to higher feedstock costs, as unfavorable weather threatens a slump in the soybean crop and as exports of beef tallow surge.
2 January Viewpoint: LatAm alternative marine fuel demand rising Demand for alternative marine fuels in Latin America is expected to pick up in 2024 and fuel suppliers and shipping companies are responding with a slew of new zero-carbon fuel projects, as the sector continues to shift away from conventional marine fuels.
2 January Viewpoint: Singapore alternative bunker demand to rise Alternative marine fuel demand in the key port of Singapore is likely to grow because of higher consumption of biofuels, and the rise of bio-methanol for bunkering.
Conventional marine fuels
5 January Pemex bets on cokers to add 162,000 b/d of fuels Mexican state-owned Pemex's planned cokers at the Tula and Salina Cruz refineries would add output of 162,000 b/d of gasoline, diesel and jet fuel by 2026 if completed, contributing to the company's goal of eliminating fuel imports.
5 January Import wave pressures diesel prices in Brazil ports An incoming wave of foreign S10 diesel is pressuring down the price of ex-port land terminal product sold in Brazil's spot market and snapping an upward move observed in the final weeks of 2023.
4 January US Gulf coast fuel oil prices rise on stock draw US Gulf coast low-sulphur fuel oil (LSFO) prices notched the widest premium to crude futures in more than four months on Thursday amid increased buying interest and the tightest stockpiles since 2009.
4 January Olmeca to refine 243,000 b/d in 2024: Pemex Mexico's state-owned Pemex expects its 340,000 Olmeca refinery to start processing 243,000 b/d of crude starting in late January, chief executive Octavio Romero said today.
4 January German refinery output at 6-month low in October German refinery output fell to a six-month low in October as refinery disruption intensified.
4 January Kuwait's al-Zour refinery resumes spot VLSFO sales Kuwait's state-owned KPC has resumed offering spot cargoes of very low-sulphur fuel oil (VLSFO) from its 615,000 b/d al-Zour refinery following weeks of disruption caused by a malfunction on 12 November.
4 January Singapore's fuel oil stocks at over five-month high Singapore's fuel oil stocks surged to over a five-month high in the week to 3 January, pushing onshore oil product inventories to over a three-month high of 42.67mn bl.
4 January Japan's bunker fuel deliveries return to normal Japan's marine fuel deliveries restarted on 4 January after the country's extended new year holiday, with no impact from a 7.6 magnitude earthquake that hit east Japan on 1 January.
3 January Ice restrictions to increase at Hamina port Ice-class restrictions at Finland's Hamina port will increase from 7 January, although the small-scale LNG terminal's main user Alexela still expects to be able to deliver its cargoes without difficulties this month.
3 January Newbuild ship orders fall ahead of Christmas holidays The number of newbuild orders for ships dropped in the week ending 24 December, with much of the market away for the Christmas holidays. There were no orders for gas tankers or dry bulk carriers, but the dwindling orderbook was bolstered by four tanker orders.
3 January Turkish diesel imports at 11-month low in October Turkish 10ppm diesel imports fell to their lowest in 11 months in October, as cargoes shipped from Russia halved on the month.
2 January Viewpoint: US east coast diesel show signs of recovery US Atlantic coast diesel inventories remained far below seasonal norms in 2023 for the second consecutive year, although restrictions in the Panama Canal appear to have started a rebound in stockpiles.
2 January Maersk, Hapag-Lloyd to maintain diversions from Red Sea Two of the world's largest shipowners have said they will extend diversions away from the Suez Canal, with the start of US-backed Operation Prosperity Guardian has not fully deterred attacks by Yemen's Houthi militants.
2 January Secondhand vessel market slowest since October Only 20 vessels changed hands in the secondhand market in the week to 22 December, the slowest period since the end of October.
2 January US attacks Houthi boats in Red Sea, tensions continue Oil prices rose in 2024's first trading day after the US destroyed several vessels operated by Yemen's Houthi militants in the Red Sea, reflecting rising tensions in the region.
