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
19 January Brazil proposes global agency to fund biofuels Brazil's mines and energy ministry Alexandre Silveira proposed the creation of a global agency to fund renewable energy, amid efforts to lead the pathway to decarbonization worldwide.
19 January Ammonia shown as viable alternative marine fuel Ammonia fuel could substantially reduce lifetime CO2 emissions of ships making it a viable low carbon alternative fuel for the marine shipping industry, according to a Clean Air Task Force (CATF) report published Thursday.
19 January Bahri leases 2 methanol-fueled ships from Proman Bahri Chemicals will time-charter two methanol-fueled vessels from methanol producer Proman to help cut greenhouse gas (GHG) emissions and various pollutants.
London, 19 January EU biodiesel imports slow in November: GTT EU biodiesel imports fell in November with lower arrivals from China and Argentina, provisional GTT data show.
19 January PTLCL charters Paolina Cosulich LNG bunkering vessel Malaysian firm Petronas' trading arm, PETCO Trading Labuan (PTLCL), is to charter Italian shipowner Fratelli Cosulich's newbuild 8,200m³ Paolina Cosulich LNG bunkering vessel.
18 January Greenergy to increase biodiesel production capacity UK-based biofuel producer Greenergy has completed expansion work at plants in the UK and the Netherlands, which will lift production capacity by 25pc at each.
17 January Brazil's Be8 increases biodiesel exports in 2023 Brazilian renewable fuels producer Be8 exported 85mn l (1,480 b/d) of biodiesel in 2023, a 57pc hike from 2022.
17 January BC Ferries commissions 4 new electric ferries Canada's BC Ferries will take delivery for four new hybrid electric ferries.
17 January ONE orders 12 methanol-fueled vessels Japanese container shipping company Ocean Network Express (ONE) commissioned twelve 13,000 twenty-foot equivalent unit (TEU) methanol dual-fuel container ships.
17 January Ammonia prices disconnect as east Asia outlook weakens Price direction is diverging between competing ammonia markets east of Suez, bringing fob Middle East and east Asia cfr markets close to parity — the third time that this has happened in the past two years.
17 January Iran's Zagros to restart 1.65mn t/yr methanol plant Major Iranian producer Zagros Petrochemical (ZPC) is expecting to restart one of its two methanol plants in Iran in the "next couple of days", according to a source close to the company.
17 January Singapore hits record-high bunker sales in 2023 Singapore remained the world's largest bunker hub with record-high sales volumes in 2023 and will continue to push for maritime decarbonisation, said the Maritime and Port Authority of Singapore (MPA).
16 January Euronav to build clean fleet with CMB acquisition Belgian tanker owner Euronav plans to acquire UK-based cleantech firm CMB.Tech as part of its strategy to expand its fleet of zero-emission ships.
16 January Red Sea woes costing ammonia shippers $35/t excess Diversions away from the Suez Canal towards the Cape of Good Hope could be costing ammonia shippers an average of up to $35/t to avoid the risky Red Sea passage.
Conventional marine fuels
19 January European refiners face wall of maintenance European refiners will soon have to address a backlog of maintenance after two years of maximising runs to capture strong diesel margins.
19 January Vessel diversions tighten Asian HSFO markets High-sulphur fuel oil (HSFO) markets are tightening in Asia-Pacific, as attacks on shipping in the Red Sea stretch voyage times and vessels burn more fuel.
19 January Red Sea escalation threatens Europe diesel supply The intensifying conflict in the Red Sea is threatening to reduce the amount of diesel on offer in Europe and drive up premiums for prompt delivery.
19 January Carnival reports loss in 4Q on lower revenue US cruise ship operator Carnival followed up a profitable third quarter by reporting a loss in the fourth quarter, albeit a narrower loss than it reported a year earlier.
19 January Three products tankers at halt in Red Sea Three tankers carrying oil products have stopped for several days in the Red Sea having passed through the Suez Canal.
19 January Asian gasoil timespreads rally on tight supplies A slew of refinery shutdowns in southeast Asia has tightened prompt diesel supplies and driven up front-forward month spreads to double their values. But the tightness is temporary, according to traders.
19 January Refinery issues to disrupt Japan's stable bunker supply Japan's stable bonded bunker supply may face challenges in the near future because of unexpected technical problems and longer turnarounds at domestic refineries.
19 January Norway's marine gasoil demand falls in December Norwegian oil products demand fell in December, with a notable drop in marine gasoil.
18 January Brazil buyers mull redirecting US diesel to EU Brazilian fuel importers awash with diesel are weighing whether to redirect incoming cargoes from the US Gulf Coast to supply-strapped Europe.
18 January ARA stocks decline on firm demand, slower imports The volume of oil products held in independent storage at the Amsterdam-Rotterdam-Antwerp (ARA) hub fell by 3.3pc in the week to 17 January, according to Insights Global.
18 January S Korea's LNG demand to rebound in 2024: KEEI South Korea's LNG demand is set to pick up this year as the country's improved economic growth outlook has raised power demand projection, government-affiliated Korea Energy Economics Institute (KEEI) said in its latest outlook report.
18 January Thailand bans diesel exports as Sriracha undergoes work Thailand has ordered traders to halt exports of high-speed diesel because of tight supply in the country, following a partial shutdown at ThaiOil's 275,000 b/d Sriracha refinery.
18 January Singapore middle distillate stocks at over one-year low Singapore's middle distillates stocks continued to edge lower in the latest week to 17 January, hitting a more than a one-year low, data from Enterprise Singapore show.
18 January Red Sea crisis alters course of India's fuel exports India's exports of transport fuels to the Middle East rose by 23pc on the month in the first half of January, but deliveries to Europe fell by 80pc because of the Red Sea crisis.
17 January Dry bulk vessel struck by drone in Gulf of Aden An unmanned drone struck a vessel, likely a dry bulk carrier, southeast of Yemen in the Gulf of Aden today, causing a fire onboard but no injuries.
17 January Panama 2023 bunker sales fall with transits Panama bunker sales dropped by 6.5pc in 2023 compared with the year prior as drought conditions reduced ship travel through the Panama Canal.
17 January Scrapped product tankers lowest on record: Bimco A total of just seven product tankers with a combined carrying capacity of 265,000dwt were demolished in 2023 because of high spot market revenues, high prices for secondhand vessels, and a reduction in newbuild deliveries.
17 January Glencore to deliver 120,000t through Jan gasoil futures Trading firm Glencore will deliver 120,000t of German winter diesel at Amsterdam-Rotterdam-Antwerp (ARA) this month in fulfilment of expired Ice January gasoil futures, mostly to Mabanaft, according to market participants.
17 January Maersk and Hapag-Lloyd to pool fleets Danish shipowner Maersk and Germany-based containership operator Hapag-Lloyd have announced a new joint venture called "Gemini Co-operation", pooling a combined fleet capacity of 3.4mn twenty-foot equivalent unit (TEU) beginning in February 2025.
17 January Japanese shipping firms halt Red Sea transits Japanese shipping companies Nippon Yusen Kaisha (NYK Line), Mitsui OSK Line (Mol) and Kawasaki Kisen Kaisha (K-Line) have temporarily suspended Red Sea transits of all their vessels, in response to Yemen's Houthi rebels attacking ships.
16 January Bulk carrier released after bill settled Bulk carrier Occitan Sky was released last week from its arrest in Philadelphia, Pennsylvania, that stemmed from time charterer Alberta Navigation's alleged outstanding bunker balance.
16 January Shell suspends shipping in Red Sea: CEO Shell recently suspended shipments through the Red Sea in response to attacks on shipping in the area by Yemen's Houthi rebels, chief executive Wael Sawan said today.
16 January Empty Qatari LNG carrier sails towards Bab el-Mandeb State-owned QatarEnergy's Al Rekayyat LNG carrier was set to pass the Bab el-Mandeb strait today, as it travelled towards Qatar. The vessel was empty, while three Qatari vessels that are carrying LNG appear to have diverted away from the strait.
16 January Malaysia's PrefChem plans CDU maintenance in February Malaysia's PrefChem plans to conduct a scheduled maintenance at its 300,000 b/d Pengerang refinery in February, said sources familiar with refinery operations.
16 January Singapore LSFO prompt timespreads fall to six-month low The Singapore low-sulphur fuel oil (LSFO) prompt month backwardation structure fell to a six-month low, as the arrival of new supply is likely to weigh on the market throughout 2024's first quarter.
