Global energy and commodity price reporting agency Argus Media on Monday (30 September) provided a marine fuels industry update:
New Orleans-based bunker supplier John W. Stone Oil has begun offering 0.5pc sulphur fuel oil (SFO) as the International Maritime Organization's (IMO) cap on sulphur content is set to take effect 1 January.
The company began offering the lower sulphur product at the beginning of September after completing more than a year of testing the fuel before its launch, chief executive Tony Odak told Argus today.
The firm has two bunker barges dedicated to 0.5pc SFO, with a specification of ISO 8217, and it is being offered near its New Orleans headquarters on the Mississippi river, Odak said. It has been in discussions to supply distribute the fuel in other ports as well but where it will be offered will depend on demand, but he was not specific about where else the company could sell the product.
It will only offer 0.5pc SFO as of now, but it may expand to offer 0.5pc marine gas oil (MGO). So far, it has not seen enough interest in 0.5pc MGO to warrant selling it.
"We suspect the driver is the price differential between the SFO, 0.1pc MGO, as compared to the 0.5pc MGO. The few streams of 0.5pc that we have used for blending purposes have been nominally different in characteristics to the 0.1pc," Odak said.
John Stone Oil has a fleet of 47 barges and more than 20 tanks ranging in sizes 12,000 bl to 95,000 bl, Odak said.
Source: Argus Media
Published: 1 October, 2019
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