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新規制の導入により、船舶用燃料市場が根本的に変化してきています。市場動向を反映する信頼できるインサイトとデータへのアクセスがこれまで以上に重要となっています。
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Latest marine fuels news
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EU eyes maritime decarbonisation, industry strategy
EU eyes maritime decarbonisation, industry strategy
Brussels, 2 February (Argus) — The European Commission is expected to publish a maritime manufacturing industrial strategy on 18 February, a leaked draft of which underscores the need for "mechanisms" to earmark national emission revenues for maritime decarbonisation. Beyond funds from a projected €10bn/yr by 2030 in national revenues raised from shipping emissions under the EU emissions trading system (ETS), the commission will make available 20mn ETS allowances assigned to the bloc's innovation fund for demonstration and pre-deployment — worth approximately €1.6bn — earmarked to support maritime emissions reductions until 2030. Future innovation fund calls for proposals could focus on production and uptake of renewable and low-carbon fuels. The draft, which is expected to change before final publication, said a commission-led task-force will explore additional technical support and "match-making" tools to connect ports, shipping companies, shipyards, equipment manufacturers and fuel producers. The commission will also leverage public and private funding towards "made in EU" vessels, technologies and equipment, boosting construction of next-generation low and zero-carbon vessels. It promises a "robust" policy framework for nuclear power propulsion in commercial shipping and commits to mobilising €800mn for shipbuilding, retrofitting, shipping and blue tech by 2028. The draft further calls for boosting wind-assisted propulsion using the EU's sustainable finance taxonomy. The upcoming revision of EU public procurement law will introduce targeted non-price requirements, including sustainability, circularity and made in EU criteria. Export credits will also include specific provisions for zero and low-emission ships. The commission plans to allocate €160mn to finance a Zero Emission Waterborne Transport programme until 2027, with an additional €8mn allocated to fuel cells. Officials will "streamline" existing monitoring, reporting and verification requirements under the EU ETS and the FuelEU Maritime regulation , which sets greenhouse gas intensity cuts for marine fuels used in ships over 5,000 gross tonnage, starting at 2pc in 2025 and reaching 80pc by 2050, against a 2020 baseline. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
LNG share of alternative bunker fuel market grows
LNG share of alternative bunker fuel market grows
Sao Paulo, 30 January (Argus) — LNG is leading the charge in the alternative bunker fuel market as shipowners look to comply with greenhouse gas (GHG) emissions reduction regulations such as FuelEU Maritime, RED III, and EU ETS. Starting in 2025, shipowners traveling in to, out of and within EU territorial waters were required to cut greenhouse gas (GHG) emissions by 2pc, with steeper targets scheduled in the coming years. LNG is considered one of the most viable alternative marine fuels for shipowners seeking to comply with emission-reduction regulations in the short and medium term, according to market participants and recent bunker data. The prioritising of LNG as an alternative bunker fuel is justified by ample availability at ports worldwide compared with other alternative bunker fuels, traders said. LNG bunkering infrastructure is available at 222 ports globally , according to industry group SEA-LNG. In 2025, alternative-fuelled vessel orders dropped by 47pc on the year but LNG-fuelled vessels accounted for 69pc of the orderbook and for 31pc of total gross tonnage, according to Norwegian classification agency DNV. LNG bunker fuel sales more than doubled in Spain in 2025 from 2024 to above 8.1TWh, and quadrupled compared with 2023, according to the country's gas transport association Gasnam. LNG bunker loadings from terminals operated by Spanish grid operator Enagas also increased in 2025 . LNG sales for bunkering at the port of Antwerp doubled on the year in the third quarter of 2025. Going a step further Flexibility and fuel availability are key factors determining future vessel order books, market participants told Argus . In September, sales of FuelEU Maritime credit surplus to the requirements of LNG-fuelled vessel owners were at a significant premium to Argus' delivered bunker bio-LNG assessments in Europe. As a result, shipowners with surplus compliance were able to monetise these excess credits by selling them to under-compliant peers. Bio-LNG used in transportation also offers heavy GHG savings that could ensure shipowners comply with the planned International Maritime Organisation (IMO) GHG pricing mechanism . The regulation, if approved in a vote in October, would start in 2028 and requires ships to initially reduce their fuel intensity by a "base target" of 4pc in 2028 against 93.3g CO2e/MJ, the latter representing the average GHG fuel intensity value of international shipping in 2008. This gradually tightens to 30pc by 2035 and defines a "direct compliance target", that starts at 17pc in 2028 and rises to 43pc by 2035. Using LNG as a bunker fuel may help shipowners to comply with the base target until 2031, but not with the direct compliance target. Using bio-LNG, on the other hand, complies with all GHG emissions reduction targets and generates surplus FuelEU Maritime and IMO credits. By Natália Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Venezuelan crude flows threaten US HSFO gains
Venezuelan crude flows threaten US HSFO gains
Houston, 23 January (Argus) — Recent gains in US high-sulfur fuel oil (HSFO) prices remain vulnerable to an expected rise in heavy sour crude imports that could boost HSFO supplies following the US takeover of Venezuela's oil trade. HSFO prices initially fell on 6 January after US president Donald Trump said Venezuela's interim government would transfer 30mn–50mn bl of sanctioned oil to the US following the capture of former Venezuelan president Nicolas Maduro. Losses deepened the next day after US energy secretary Chris Wright said Washington is in talks with Caracas to indefinitely take control of oil sales by state-owned PdV and provide equipment to increase Venezuelan crude output. But HSFO prices rebounded alongside crude benchmarks as concerns grew over potential supply disruptions from Iran, following escalating US-Iran tensions tied to protests in the country and fears of a possible US military response. As US-Iran tensions eased, crude and HSFO found renewed support from rising trade and tariff risks between the US and EU, linked to Trump's push to take over Greenland for national security reasons. HSFO prices at New York Harbor (NYH) rose on 22 January to $58.33/bl, up by $8.23/bl from a five-year low of $50.10/bl on 8 January, averaging a daily increase of 91¢/bl over that period. US Gulf coast HSFO prices recovered to $51.83/bl, rising $4.63/bl from a five-year low of $47.35/bl on 7 January for a daily average increase of 46¢/bl through Thursday. Despite short-term support from geopolitical developments, HSFO prices are expected to face longer-term pressure from rising Venezuelan heavy sour crude flows into the US. Higher Venezuelan crude imports weigh on HSFO prices because refining heavier grades yields more HSFO and also reduces refinery demand for HSFO as a potential feedstock for coke units and hydrocrackers. Increased US control over Venezuelan crude is also expected to lift domestic HSFO availability, as more barrels would be refined in the US rather than exported to Asia, according to market sources. The US has so far received about 54pc of all Venezuelan crude exports in the first 21 days of January, a 14 percentage point increase from the same period in December, while exports to Asia-Pacific have halted over the same period in January after accounting for 37pc of exports in December, according to ship-tracking firm Vortexa data. As rising Venezuelan crude flows boost HSFO production, prices are expected to steadily fall, according to a fuel oil trader. HSFO prices could face additional pressure from new EU restrictions on products refined from Russian crude that took effect on 21 January. While the US has banned direct imports of Russian crude and refined products, it can still receive products made from Russian barrels in third countries. This could prompt some cargoes that would normally go to Europe to now deliver Russian-derived products to the US, according to market sources. Trade data from Kpler indicates an early example of this shift, with a Turkish fuel oil cargo that would typically move to Europe now heading to the US. Additional HSFO inflows would further increase domestic supply and add to downward pressure on prices. By John E Huber Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
VLSFO 4Q viscosity maintains record level
VLSFO 4Q viscosity maintains record level
New York, 21 January (Argus) — Very low-sulphur fuel oil (VLSFO) global viscosity levels in the fourth quarter of 2025 rose by 18pc compared with the same quarter in 2024, and maintained its record high set in the third quarter of 2025. VLSFO viscosity levels at 50°C (122°F) averaged 190 centistokes (cst) in the fourth quarter, according to the latest data from French classification society Bureau Veritas. VLSFO viscosity levels were the same in the third quarter of 2025, which was the highest since Bureau Veritas started compiling this data in 2020. Skagen, Denmark, was the port with the highest average VLSFO viscosity at 346cst followed by Gothenburg, Sweden, at 315cst and Las Palmas, Spain, at 310cst, according to Bureau Veritas. The top three ports with the lowest average VLSFO viscosity included Istanbul, Turkey, at 103cst, and two US ports: Houston, Texas, and New Orleans, Louisiana, at 110cst and 111cst, respectively. Global viscosity levels for high-sulphur fuel oil (HSFO) ticked up by 1pc to 313 cst in the fourth quarter of 2025, the highest total for any quarter in 2025. The average viscosity in the fourth quarter of 2024 was 310 cst. The three ports with the highest average HSFO viscosity were all in China: Shanghai at 363cst, Hong Kong at 357cst and Zhoushan at 351cst, according to Bureau Veritas. The ports with the lowest average HSFO viscosity were Piraeus, Greece, at 217cst, Cuxhaven, Germany, at 236cst and Long Beach, California, which totaled at 246cst. Higher viscosity levels of a marine fuel used in a vessel will produce less wear and tear in a ship's engine. By Luis Gronda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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