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Argus Media: Weaker Asian bunkers to subdue dry bulk Panamax rates

Panamax dry bulk freight rates on the Indonesia-south China and east Australia-Japan routes are likely to fall with lower bunker prices even if the market holds stable.

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Freight rates for Asia-Pacific dry bulk Panamaxes could weaken further if bunker prices fall in line with the latest slump in crude futures.

4 January 2023

Bunker prices are likely to fall, as February Nymex WTI futures fell from the previous day by $3.33/bl to $76.93/bl and March Ice Brent fell by $3.81/bl to $82.10/bl on 3 January with renewed fears about the health of the global economy.

The price of very-low sulphur fuel oil with 0.5pc sulphur in Singapore and east China's Zhoushan is expected to fall by about $30/t before Singapore's market close on 4 January.

The IMF expects a third of the global economy to be in recession, IMF managing director Kristalina Georgieva said in an interview with US television network CBS on 1 January. The three big economies — the US, Europe and China — have been experiencing weakening economic activity. Economic downturns place pressure on oil prices, as demand for these commodities weakens.

Panamax dry bulk freight rates on the Indonesia-south China and east Australia-Japan routes are likely to fall by an additional 15¢/t and 25¢/t respectively, according to Argus projections, with lower bunker prices even if the market holds stable.

Panamax rates from Indonesia to south China fell by 30¢/t to $6.95/t on 3 January. This follows curbed thermal coal demand from China, following Covid-19 infections, together with the holiday season, and as restocking by utilities and industrial users has slowed significantly.

Rates for Panamaxes in southeast Asia were likely to be further pressured, as temperatures in many parts of China are forecast to rise in the following days, according to the China Meteorological Administration, further curbing coal demand from utilities for heating.

By Andrew Khaw

 

Photo credit and source: Argus Media
Published: 6 January, 2023

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Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

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A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

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LNG Bunkering

Titan completes first STS LNG bunkering operation in Cuxhaven

Port of Cuxhaven in Germany had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth, says Titan.

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Titan completes first STS LNG bunkering operation in Cuxhaven

LNG bunker fuel supplier Titan on Thursday (11 July) said it completed the first-ever LNG bunkering operation by ship in the port of Cuxhaven.

Titan’s bunker vessel Optimus successfully delivered LNG to dredger Vox Ariane operated by its long-term client Van Oord. 

“Our ship-to-ship bunkering in Cuxhaven represents a pioneering step in the region's LNG infrastructure development, as the port had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth,” it said in a social media post. 

“LNG infrastructure development is part of a broader trend, with more ports across Germany adopting LNG operations to support shipping’s clean fuels transition.”

Titan added the improved LNG bunkering capabilities in Cuxhaven, a Niedersachsen Ports GmbH & Co. KG port, also opened up the pathway to maritime decarbonisation via liquified biomethane (LBM) and then renewable e-methane going forward.

 

Photo credit: Titan
Published: 12 July, 2024

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LNG Bunkering

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Firm said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier in the Port of Drammen, Norway.

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UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) on Wednesday (10 July) said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier Auto Achieve in the Port of Drammen on 4 July.

The firm said this was the first time UECC received LNG by barge to any of their vessels in their home country Norway. 

“We also believe that it was the first time LNG was delivered by barge to any vessel in Drammen, and most likely the entire Oslofjord,” UECC said in a social media post.

The LNG was supplied by the Molgas Energy Holding vessel Pioneer Knutsen, owned by Knutsen Group OAS.

“UECC is very pleased to see the expansion of the LNG barge network in Norway,” it said. 

 

Photo credit: UECC
Published: 12 July, 2024

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