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Argus Media: Bunker demand to fall by 8% in 2Q- IEA

IEA forecasts demand from all vessel types will drop by 5% this year, with 6% and 3% year-on-year falls in the third and fourth quarters.
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Erik Hoffmann of global energy and commodity price reporting agency Argus Media on Thursday (14 May) published an article on the IEA’s predictions of the bunker fuel market in view of global lockdowns due to the COVID-19 pandemic: 

Global bunker demand will fall by 8% year on year in the second quarter as Covid-19 related lockdowns result in fewer trade movements and almost no passenger travel, according to the IEA.

The Paris-based agency forecasts demand from cruise ships will fall by 90%, from container ships by 12%, and from dry bulkers by 2%. It forecasts demand from oil and chemical tankers will be broadly unchanged.

The IEA said demand from all vessel types will drop by 5% this year, with 6% and 3% year-on-year falls in the third and fourth quarters.

Cruise ships account for only around 6% of global bunker demand, but the sector was hardest hit by Covid-19 lockdowns. Three of the biggest cruise lines took their ships out of operation in March for around 30 days. This weighed on high-sulphur fuel oil (HSFO) demand in particular, as about 40-65% of cruise ships are fitted with exhaust scrubbers.

The IEA said the cruise industry will recover marginally in the third quarter, when bunker demand from the sector will be down by around 83% from a year earlier. The drop will be 60% in the fourth quarter.

Demand from container ships, which burn 14% of bunker fuels according to the IEA, will also recover in the third and fourth quarter to drops of 8% and 4%, respectively. Container ships have increasingly sailed with empty containers since parts of China started to lock down from late January, and the rest of the world from mid-March. Some voyages have also been cancelled, and some ports skipped.

Shipping association Bimco said 2.2mn twenty-foot equivalent unit (TEU) were idle in April, around 9% of the global fleet. Maersk, the world’s biggest bunker consumer, said its fuel consumption fell by 7.4% on the year in the first quarter.

Demand for dry bulk ships, which make up 29% of global bunker demand, have also been under pressure from the global economic slowdown. The IEA expects the 2% year-on year bunker demand drop from sector to continue in the third quarter, and then recover in the fourth quarter to the same level as a year before.

The IEA expects bunker demand from oil and chemical tankers, which make up 21% of global consumption, to be flat in the second, third and fourth quarters. Crude oil and products tanker demand rose in April, largely because of demand for floating storage and higher exports from the Middle East.

Bunker sales in Singapore, the world’s biggest bunkering port, fell by 5% in April from March.


Photo credit: Argus Media
Published: 18 May, 2020

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Winding up

Singapore: Xihe Holdings subsidiaries to be wound up voluntarily, creditors to submit claims

Creditors of Da Zhong Tankers and Xin Ying Shipping are required on or before 17 July 2026 to send in their names and addresses and particulars of their debts or claims to appointed liquidators, says notice.
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Xihe Holdings Pte Ltd subsidiaries Da Zhong Tankers Pte Ltd and Xin Ying Shipping Pte Ltd will voluntarily wind up following resolutions that were passed by written means, according to a Government Gazette notice published on Thursday (18 June).

The resolutions set out below were duly passed:

  • SPECIAL RESOLUTION – WINDING-UP

That the Company be wound up voluntarily pursuant to section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018.

  • ORDINARY RESOLUTION – APPOINTMENT OF LIQUIDATORS

That Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960 be and are hereby appointed as joint and several liquidators to conduct the said winding-up and that their remuneration be fixed on the usual scale of their professional charges for the work involved.

  • SPECIAL RESOLUTION – POWERS OF LIQUIDATORS

That the liquidators of the Company be authorised to exercise any of their powers given by section 177, 144 (1) and (2) of the Insolvency, Restructuring and Dissolution Act 2018 and to distribute to members, in specie, any part of the assets of the Company.

In another notice, the liquidator of the company said creditors are required on or before 17 July 2026 to send in their names and addresses with particulars of their solicitors (if any) to liquidator Paresh Tribhovan Jotangia at Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960. 

The liquidator may require creditors or their solicitors to “come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof, they will be excluded from the benefit of any distribution made before such debts are proved.”

Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management

 

Photo credit: steve pb from Pixabay
Published: 19 June, 2026

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Winding up

Singapore: Liquidator of Parakou Shipping issues notice of dividend

Second and final dividend to admitted creditors of Parakou Shipping is payable by 14 July, according to Government Gazette notice.

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A notice of dividend for Parakou Shipping Pte Ltd, which is currently in voluntary liquidation, was published on the Government Gazette on Thursday (18 June). 

The following are the details of the notice:

Name of Company : Parakou Shipping Pte Ltd (In Creditors’ Voluntary Liquidation)
Address of Registered Office : c/o KordaMentha, 50 Raffles Place, 25-01 Singapore Land Tower, Singapore 048623
Amount per centum : 0.55 per centum of admitted claims (in accordance with the Order of Court HC/ORC 4175/2024)
First and Final or otherwise : Second and Final Dividend to admitted creditors (in accordance with the Order of Court HC/ORC 4175/2024)
When payable : By 14 July 2026
Where payable : c/o KordaMentha Pte Ltd, 50 Raffles Place, #25-01 Singapore Land Tower, Singapore 048623

Related: Singapore: Notice of intended dividend issued for Parakou Shipping Pte Ltd

 

Photo credit: Benjamin Child
Published: 19 June, 2026

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Alternative Fuels

MOL inks bio-LNG bunker fuel supply deals with Titan and Axpo for car carriers in Europe

Titan, part of Amsterdam-based Molgas, will continue to supply bio-LNG fuel in Northwest Europe, while Axpo will take charge of supply in the Mediterranean region.
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MOL inks bio-LNG bunker fuel supply deals with Titan and Axpo for car carriers in Europe

Mitsui OSK Lines (MOL) on Thursday (18 July) said it has signed new supply agreements in Northern Europe and the Mediterranean region to expand the use of bio-LNG marine fuel on MOL-operated LNG-fuelled car carriers.

Titan, part of Amsterdam-based Molgas, will continue to supply bio-LNG fuel in Northwest Europe, while Axpo will take charge of supply in the Mediterranean region.

MOL said the agreement makes it possible for its company to supply bio-LNG fuel for automobile carriers in the Mediterranean region, specifically Port of Malaga and Barcelona in Spain, following the bio-LNG fuel supply agreement in Western Europe, which commenced in March last year.

The bio-LNG fuel to be supplied in this initiative has a lifecycle carbon intensity (carbon dioxide emissions per unit of energy consumption) of -15 g-CO2/MJ or less, from production through consumption. Furthermore, this bio-LNG fuel has obtained International Sustainability and Carbon Certification (ISCC-EU). 

“Through this supply agreement, MOL has established a framework that ensures a continuous and stable supply of bio-LNG fuel not only in Northern Europe but also in the Mediterranean,” the company said.

As part of the group’s efforts to adopt alternative fuels and achieve net-zero greenhouse gas (GHG) emissions, it is utilising LNG-fuelled vessels as a bridge solution to facilitate the transition to carbon-neutral fuels such as bio-LNG and synthetic LNG (e-methane).

In 2025, MOL signed a bio LNG fuel supply agreement in Northwest Europe with Titan, part of the Molgas, and MOL has continued this bio LNG fuel supply agreement with the same company in 2026 as well.

 

Photo credit: Mitsui OSK Lines
Published: 19 June, 2026

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