Global energy and commodity price reporting agency Argus Media on Tuesday (7 May) provided a marine fuels market related update:
UK-Chinese joint venture Petroineos will start sales of 0.5pc sulphur marine fuel from its 210,000 b/d Lavera refinery, on the French Mediterranean coast, in the fourth quarter this year.
Under the new International Maritime Organisation's (IMO) cap that comes into force on 1 January 2020, vessels must limit sulphur emissions in exhaust fumes to 0.5pc, down from a current maximum of 3.5pc.
Shipowners will either have to burn new 0.5pc very low-sulphur fuel oil (VLSFO) blends, use marine gasoil (MGO) or run LNG to comply with the cap. They can also fit ships with exhaust scrubbers to continue to burn high-sulphur fuel oil.
Petroineos' IMO compliant marine fuel will meet the existing International Organization for Standardization (ISO) 8217 specifications, the firm said.
The supply of 0.5pc VLSFO will depend on market prices, it said. The company currently produces 1pc low-sulphur fuel oil (LSFO).
Other refiners in the Mediterranean have confirmed they will produce 0.5pc VLSFO, including Spanish integrated firms Cepsa and Repsol, as well as Italian refiner Saras.
Source: Argus Media
Published: 8 May, 2019
Non-compliance by the United States would instead likely benefit other global economies, finds study.
MEPC 73 approved a draft circular containing IMO’s Guidance on best practice for fuel oil suppliers.
Global multipurpose operator implementing various calculation methodologies from 1 September onwards.
Market dictated by uncertainty, speculation and general fear of where the bunker market is heading, it says.
Joint event with IBIA on 18 June to provide further clarity on all pending IMO 2020 issues for members.
The Guidelines for exhaust gas cleaning systems will be updated to clarify a number of issues.
Sukumar Verma, Managing Director at Informa Connect Singapore, explains how the world’s largest bunkering event will be virtually carried out between 6 to 8 October 2020.
David John Kidd amassed losses of over SGD 1 million to Lukoil Asia Pacific Pte Ltd through multiple irregular trades with Transocean Oil over a four-month period in 2016.
Helmsman LLC lawyers discuss pausing of LC payment, what it means for parties buying ships from companies of a group affected by fraud allegations, and trafficking in spent bills of lading.
Beluga Asia has entered into a Memorandum of Agreement with Sun Marine Corporation to acquire bunker tanker M.T. MA Veronica for USD 2.45 million.
Listing of Brightoil’s shares on the Stock Exchange was cancelled on 16 March 2020, according to a written Judgement of Russell Coleman, a Judge of the Court of First Instance.
‘To this end, the Bank has shown there are grounds for suspecting the CIA Contract may be a sham / fake contract and/or was not performed,’ said CMB’s submission to the Singapore court.
