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ENGINE: Americas Bunker Fuel Availability Outlook

LSMGO limited on East Coast amid dwindling stocks; US fuel oil stocks steady from April; prompt availability tight in Panama and Argentina.

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The following article regarding bunker fuel availability in the Americas region has been provided by online marine fuel procurement platform ENGINE for post on Singapore bunkering publication Manifold Times:

12 May, 2022

  • LSMGO limited on East Coast amid dwindling stocks
  • US fuel oil stocks steady from April
  • Prompt availability tight in Panama and Argentina

LSMGO is particularly tight in New York and other East Coast ports amid dwindling stock levels and relentless pressure on the middle distillate pool. East Coast distillate inventories have slumped to 14-year lows, according to official EIA data. New York’s LSMGO price has shot up to premiums of around $300-400/mt over Houston, Los Angeles and Balboa.

US sanctions on Russian oil, and European self-sanctioning in the absence of any EU-wide ban, has contributed to tighten trans-Atlantic supply of middle distillates, which include diesel, jet fuel, heating oil and gasoil. High domestic US demand has added additional pressure.

US fuel oil inventories grew gradually from a December low to April, and have held steady into May, EIA figures show. April’s stock build was supported by an import influx, allowing for more to be supplied out to bulk terminals, blenders, power plants and for further refining.

Gulf Coast stocks have come down by 4% in so far May compared to April’s average, despite a near three-quarter rise in production levels. East Coast stocks are up by a marginal 1% amid a third higher production. West Coast stocks have grown by 17% with support from a quarter more production.

HSFO is tight for prompt dates across key Americas ports, including Houston, New York, Los Angeles and Long Beach, and in Panama. A supplier in Balboa can deliver in six days.

All grades have been in tight availability for prompt dates in Panama. Two suppliers’ earliest delivery dates in Balboa are 6-9 days out. Another supplier has limited VLSFO and LSMGO availability for dates a week out in Colon.

A supplier in Jamaica’s Kingston has had tight availability of VLSFO and LSMGO in this week, while two others can deliver prompt.

Prompt supply is tight with certain suppliers in Zona Comun, one with its earliest delivery date around eight days out. Two others can supply in 5-7 days. The Argentinian anchorage location is forecast with strong winds from Sunday to Tuesday next week, which could disrupt bunker deliveries.

There is still no VLSFO or LSMGO available in nearby Montevideo, but truck or barge supply of LSMGO could come back on offer later this month, a source says.

 

Photo credit and source: ENGINE
Published: 13 May, 2022

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Alternative Fuels

Platts proposes to launch Singapore bio-bunker fuels market-based assessment

Proposal is on the back of growing interest for blended bio-bunkers in Singapore, the world’s largest bunkering hub, amid increasing pressure on the shipping sector to decarbonise.

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Platts, part of S&P Global Commodity Insights, on Tuesday (23 April) proposed to launch a new daily market-based delivered Singapore bio-bunker assessment, effective 1 August.

This proposal is on the back of growing interest for blended bio-bunkers in Singapore, the world's largest bunkering hub, amid increasing pressure on the shipping sector to decarbonise.

The new assessment would reflect marine fuel blend of biodiesel with low sulphur fuel oil. Platts would publish the Singapore bio-bunkers market-based assessment as a differential to Platts Marine Fuel 0.5% (AMFSA00), and as an outright value.

The assessment specifications would be as follows:

Platts proposes to launch Singapore bio-bunker fuels market-based assessment

Other delivery periods and volumes may be considered in the Platts Market on Close assessment process and normalised back to the above specifications.

Bio-bunkers stems must be incompliance with the EU's Renewable Energy Directive, or RED requirements, and meet sustainability requirements such as ISCC or RSB sustainability criterions.

Platts will not consider bio-bunkers that use palm oil as a bio-component.

International Organization for Standardization is revising the ISO 8217 standards to include additional requirements for blended bio-bunker. The assessment would reflect standards set in the document ISO 8217:2024 Petroleum products -- Fuels (class F) -- specifications of marine fuels, as well as standards set by Singapore's Maritime Port Authority on specifications of marine biofuels (WA 2:2022). Platts is seeking specific feedback on these standard requirements.

Platts is also seeking specific feedback on the reference density of blended bio-bunkers.

The assessment would be published on Platts Biofuels Alert (PBF2500), in the Bunkerwire Report, Bunkerwire Monthly, Biofuelscan report and Biomass-Based Diesel Report.

The new daily bio-bunkers assessment would be timestamped to 5.30 pm Singapore time and follow the Singapore publishing schedule.

Platts spot price assessments consider market information reported to Platts and published throughout the day, including firm bids and offers, transactions and indications of value. In the absence of observable spot market activity, Platts may consider other verifiable data reported. This information will be published as price heards.

At present, Platts publishes a daily cost-based B24 Singapore bio-bunkers assessment reflecting a ratio of 76% fuel oil based on Platts benchmark Marine Fuel 0.5% Bunker Dlvd Spore $/mt assessment (MFSPD00) and 24% used cooking oil methyl ester based on the Platts UCOME FOB Straits $/mt assessment (UCFCB00). This calculated price assessment will continue to be published alongside the proposed new assessment and will be renamed “Platts B24 calculated bio-bunker Singapore.”

Related: Platts launches new blended bio-bunkers assessment in Singapore

 

Photo credit: Justin Lim on Unsplash
Published: 25 April 2024

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Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Annual general meetings will be held between 8 to 9 May for Hua Zhong Shipping, Dong Ya Tankers, Dong Sheng Tankers and Da Xin Tankers to receive an update on firms’ liquidation.

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Several notices were published on the Government Gazette on Tuesday (23 April) regarding the annual general meetings to be held between 8 to 9 May for Xihe Holdings subsidiaries Hua Zhong Shipping, Dong Ya Tankers, Dong Sheng Tankers and Da Xin Tankers. 

Annual general meetings for Hua Zhong Shipping are to be held on 8 May at the following times:

For the company: 2pm
For the creditors: 3pm

Annual general meetings for Dong Ya Tankers are to be held on 9 May at the following times:

For the company: 10am
For the creditors: 11am

Annual general meetings for Dong Sheng Tankers are to be held on 9 May at the following times:

For the company: 2pm

Annual general meetings for Da Xin Tankers are to be held on 8 May at the following times:

For the company: 10am
For the creditors: 11am

The agenda for all the meetings are:

  1. To receive an update on the liquidation.
  2. To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up

The following are the details of the liquidator:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

Related: Singapore: Da Xin Tankers, Dong Ya Tankers, Hua Zhong Shipping to be wound up
Related: Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

 

Photo credit: Jo_Johnston from Pixabay
Published: 25 April 2024

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Alternative Fuels

Peninsula adds tanker “Aalborg” to supply bio bunker fuel in Port of Barcelona

Chemical tanker is capable of supplying B100, in contrast to traditional fuel barges that cannot exceed 25% bio component; also has ability to blend multiple bio feedstocks and traditional fuels on board.

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Peninsula adds tanker “Aalborg” to supply bio bunker fuel in Port of Barcelona

Marine fuel supplier Peninsula on Wednesday (24 April) announced the introduction of the Aalborg, an IMO II chemical tanker dedicated to sustainable fuel distribution in the Western Mediterranean. 

The Aalborg is capable of supplying 100% biofuels (B100), in contrast to traditional fuel barges that cannot exceed 25% bio component.  

The vessel supplies FAME (Fatty Acid Methyl Esters) produced from vegetable oils and allows for neutral emissions (depending on the origin of these vegetable oils) thereby reducing a receiving vessel’s carbon footprint. 

The Aalborg will play a pivotal role in the Port of Barcelona's ongoing commitment to promoting cleaner fuel initiatives across the region.

The vessel’s ability to blend multiple bio feedstocks and traditional fuels on board, together with a certificate detailing the bio component percentage, allows ship owners to comply with impending Fuel EU Maritime regulation using the same engine.

“The importance of having a biofuel supply vessel permitted to supply up to 100% bio component, will provide Port of Barcelona users with a solution to decarbonise their activity and to fully comply with EU regulations,” explained Lluís Salvadó, president of the Port of Barcelona.

“The Port of Barcelona, as part of its Energy Transition Plan, is committed to transition and alternative fuels such as LNG, green methanol or green ammonia, as well as biofuels, which will help to reduce the maritime sector’s carbon footprint.”

Alejandro Morales Moreno, Supply Manager at Peninsula, emphasised the collaborative efforts between Peninsula and the Port of Barcelona, highlighting a shared vision for emissions reduction.

"The addition of the Aalborg creates a meaningful, new decarbonisation solution for our customers and we’re grateful to the Port Authority for facilitating its deployment in Barcelona,” he said.

 

Photo credit: Peninsula
Published: 25 April 2024

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