Global energy and commodity price reporting agency Argus Media on Thursday (15 August) provided an industry update on IMO 2020 compliant fuel oil cargoes heading to the Singapore market:
A Handy-size vessel is carrying 30,000t of 0.5pc sulphur fuel oil from Europe to Asia-Pacific in a rare fixture for Handy-size tankers — Singapore is attracting marine fuels and blending components compliant with the International Maritime Organisation's (IMO) 2020 sulphur cap.
The Celsius Perth loaded 30,000t of IMO-compliant fuel oil in Genoa on 3 August and set off for Asia-Pacific, a market participant said. The loading port suggested Italian independent refinery Iplom probably supplied the product. Iplom's 46,000 b/d Busalla refinery supplies IMO-compliant fuel oil and it has already sold two 30,000t cargoes to the shipping company Euronav in 2019.
IMO-compliant marine fuel and blending component demand from Asia-Pacific could attract more cargoes to the region until 2020, as Singapore is the world's largest bunkering hub with monthly marine fuels sales of around 4mn t. This is around three times the sales total of Rotterdam, Europe's largest bunkering port. Firmer demand in Singapore drove companies to start storing IMO-compliant products in floating storage this summer. Euronav will also use its 442,000t dwt floating storage vessel Oceania for these products in Asia-Pacific, after having loaded around 300,000t since March in the central Mediterranean. The Oceania started sailing to Singapore from the Mediterranean last week.
Another Handy-size vessel could also be carrying 0.5pc fuel oil to Singapore. The Marvel probably picked up a cargo in Haifa from ORL's 197,000 b/d refinery. The vessel signalled Haifa at the end of July and turned off its transponder on 2 August offshore Israel, and then reappeared on ship tracking on 8 August with a higher draught. The Marvel is currently in the Red Sea. ORL's Haifa refinery produces 0.5pc fuel oil and sold two 30,000t cargoes of the product to Euronav in June and July.
Handy-size tankers rarely take dirty products from Europe to Asia-Pacific, as 130,000t Suezmax or 270,000t very large crude carriers usually carry fuel oil eastbound. Asian buyers also started purchasing European low-sulphur straight-run (LSSR), as a blending component for IMO-compliant marine fuels. Fresh demand drove prices of LSSR to all-time highs this week.
Low-sulphur fuel oil (LSFO) cargo swaps' premium to high-sulphur Rotterdam barges in northwest Europe reached their widest since November 2008 yesterday at $74.50/t. Fresh export demand and buying interest from the shipping industry lent support to LSFO prices.
Source: Argus Media
Published: 16 August, 2019
Both newbuildings will be amongst the most environmentally friendly VLCCs around, as they emit 20% less CO2 GHGs, 85% less NOx and 99% less SOx than conventional vessels.
Premium of delivered VLSFO over cargo prices fell to a record low of $5.75/t on 17 March, and HSFO’s premium declined to an even lower $3.25/t, reports Argus Media.
Both entered an agreement with BV to construct a 4,000 DWT IMO Type 2 Chemical and Oil Tanker which will be classed by BV; new tanker will join GET’s fleet by 2023.
The representative was providing clarification to a query from Manifold Times when asked if the bunkering licenses of the Hin Leong Trading affiliated company have been permanently revoked.
Master meter will be used for verification operation of duty MFMs installed on board Singapore bunker tankers due for yearly re-validation, learns Manifold Times.
Firm will make further announcements as and when appropriate and will keep shareholders and potential investors informed of development related to the petition.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
