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ENGINE: East of Suez Bunker Fuel Availability Outlook

VLSFO and HSFO availability tight in Singapore; several East Asian ports brace for possible weather-related disruptions; demand good in Fujairah.

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RESIZED ENGINE East of Suez

The following article regarding regional bunker fuel availability outlook for the East of Suez region has been provided by online marine fuels procurement platform ENGINE for publication on Singapore bunkering publication Manifold Times:

  • VLSFO and HSFO availability tight in Singapore
  • Several East Asian ports brace for possible weather-related disruptions
  • Demand good in Fujairah

 

Singapore

Singapore has seen “average” bunker demand so far this week, a source says. Securing prompt VLSFO stems in Singapore can be difficult, with most suppliers recommending lead times of 8-10 days – almost unchanged from last week.

Lead times for HSFO have increased slightly from 6-8 days last week to 6-11 days now. LSMGO, on the other hand, is readily available for prompt delivery dates.

The Southeast Asian bunker hub’s residual fuel oil stocks have averaged 10% higher so far in August than across July, according to Enterprise Singapore. The port’s net fuel oil imports have fallen by 12% this August. Both imports and exports of fuel oil have declined this month. Singapore’s fuel oil imports have slumped by 11% so far this month, and its exports by 10%.

The port’s middle distillate stocks, on the other hand, have averaged 1% lower so far this month than in July.

 

East Asia and Oceania

A source says that some suppliers in Zhoushan have almost run out of VLSFO supply. However, the low demand for the grade has helped to mitigate the tightness in supply to some extent. Lead times of 3-5 days are recommended for the grade.

Availability of LSMGO and HSFO remains good in the Chinese bunkering hub, with shorter lead times of 2-4 days recommended. Bad weather is forecast in Zhoushan from 30 August onwards, which could disrupt bunker operations at the port, the source adds.

China Meteorological Administration (CMA) has issued typhoon alerts for the Chinese coastal provinces of Fujian and Guangdong due to Typhoon Saola. Typhoon Saola hit the northern Philippines on Sunday, resulting in heavy rainfall in the region. It is currently located 520 km northeast of the Philippine capital of Manila.

But Typhoon Saola’s path remains uncertain, as it is anticipated to interact with Tropical Storm Haikui.

Taiwan’s Central Weather Bureau has also warned of heavy rains in Taiwan’s eastern and southern areas on Wednesday and Thursday as Typhoon Saola grazes past the island on its way to China’s southern coast.

Weather conditions are forecast to be rough in Hong Kong between 1-4 September, which could impact bunkering. Hong Kong's weather agency is expected to issue a Typhoon Saola advisory later this week.

Availability of all grades in Hong Kong is under pressure due to high bunker demand and low stocks available with several suppliers, a source says. Lead times for all grades have almost doubled from last week's seven days to around two weeks now.

Meanwhile, availability across all fuel grades has tightened in South Korean ports amid recovering bunker demand, a source says. Lead times for VLSFO and LSMGO vary widely between 5-15 days now – significantly up from the 5-9 days last week. Some suppliers have increased lead times for HSFO from last week's 5-9 days, to longer lead times of 10-11 days.

A source says that Tropical Storm Haikui, which is located around 1,660 km east of North Luzon in the Philippines (according to the Philippine meteorological agency PAGASA), might disrupt port operations in the southern South Korean ports from 3 September.

Bad weather conditions are predicted to hit the South Korean ports of Ulsan, Onsan, Busan and Yeosu between 1-3 September, and Daesan and Taean on 3 September, which can disrupt bunkering further.

Japan’s national broadcast agency NHK World-Japan warns about rough weather around the islands of Okinawa due to Typhoon Saola and Tropical Storm Haikui. It also noticed another Tropical Storm Damrey moving north off the coast of the Tohoku region. However, it is expected to change course and move away from the region.

Adverse weather conditions are forecast in the following ports:

  • Subic Bay, Philippines: 30 August-2 September
  • Koh Sichang and Leam Chabang, Thailand: 2-5 September
  • Ho Chi Minh, Vietnam: 29 August-5 September
  • Tauranga New Zealand: 2-3 September

Rough weather conditions could impact bunker operations at these ports.

 

South Asia

VLSFO and LSMGO grades can be delivered with around 2-3 days of lead time in Kandla on the northwest coast of India and in the country's southern ports of Cochin and Chennai.

However, both grades remain very tight in the Indian ports of Mumbai and Visakhapatnam, with delivery dates being subject to availability, a source says. On the other hand, bunker deliveries remain subject to enquiry Tuticorin on the southeast coast, and Haldia on the east coast.

A supplier in Paradip on the east coast of India has almost run out of VLSFO and LSMGO stocks, the source adds.

Rough weather is forecast in the Indian port of Cochin on 9 September, which could affect bunker operations there.

Bad weather conditions are predicted in the Sri Lankan port of Colombo on 30 August, as well as between 2-5 September and 7-10 September, which may disrupt bunker deliveries at the port.

 

Middle East

A source says prompt availability of all bunker fuel grades remains “super tight” amid good demand in Fujairah. Most suppliers are recommending lead times of 5-7 days across all grades in the Middle Eastern bunkering hub – almost unchanged from last week. However, some suppliers can offer prompt dates depending on stem size.

All grades remain in ample supply in the other UAE port of Khor Fakkan, with unchanged lead times of 5-7 days.

LSMGO remains readily available in the Omani ports of Duqm, Sohar, Salalah and Muscat, with prompt dates possible.

By Tuhin Roy

 

Photo credit and source: ENGINE
Published: 30 August, 2023

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Business

Singapore: DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU

To build digital delivery platforms that are interoperable, compliant to data and security standards set by the MPA and Singapore Standards Council.

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Singapore DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU cover

FuelBoss, a subsidiary of DNV, and Singapore bunker supplier Equatorial Marine Fuel Management Services (EMF) on Friday (19 April) signed a Memorandum of Understanding (MoU) to further develop digital bunkering capabilities for all marine fuels.

The objective of the MoU is to strengthen the partnership between both organisations to build digital delivery platforms that are interoperable, compliant to data and security standards set by the Maritime and Port Authority of Singapore (MPA) and Singapore Standards Council.

The scope of the MoU allows the development of integrated services across both organisations’ technological platforms to provide seamless operations, real-time insights into bunker delivery processes to industry stakeholders, international shipowners, bunker suppliers, and bunker traders for all marine fuels.

It will also enable the sharing of experience, materials, and expertise between the two organisations with the industry to accelerate the pace of digitalisation and support companies in implementing digital bunkering solutions.

Singapore DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU 1

Singapore DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU

“We are committed to pioneering digital solutions that enhance the safety and trust in marine fuels transactions. This MoU with EMF underscores our dedication to advancing Digital Delivery and Live Delivery Insights in the maritime industry and we are honored to partner with them,” said Martin Wold, Head of FuelBoss.

“By collaboratively developing interoperable platforms that align with the latest data and security standards, we aim to set a new benchmark and replicate this for the rest of the industry.

“Our partnership with EMF will leverage both organisations' strengths to provide comprehensive, real-time insights into bunker delivery processes, benefiting all stakeholders in the maritime ecosystem.”

EMF is the leading supplier of marine fuels in Singapore in 2022 and 2023. As part of their growth strategy, EMF has been investing in digitally transforming the business and operations since 2018.

Over the years, EMF has integrated several of their systems to streamline operations and has built an in-house technology team to customise solutions to better serve their customers and stakeholders.

“We have always believed that digitalisation is one of the keys to the future for the Maritime industry. Over the years, we have participated in and supported the digital initiatives launched by MPA,” said Collin Ng, Chief Technology Officer of EMF.

“The digital bunkering initiative launched by MPA on 1 November 2023 is core to completing the digitalisation of the bunker supply chain for the industry.

“With the signing of the MoU with FuelBoss, we are looking forward to providing an extensive and comprehensive digital delivery platform for our collective customers and stakeholders.”

 

Photo credit: DNV FuelBoss
Published: 19 April 2024

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Alternative Fuels

SMW 2024: Yinson GreenTech partners with EPS on electric vessel trials

YGT’s marine electrification business, marinEV, and EPS will perform trials involving the first cargo delivery with an electric vessel and the first crew transfer with an electric vessel in Singapore.

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SMW 2024: Yinson GreenTech and EPS forge alliance on electric vessel trials

Yinson GreenTech (YGT), a leading green technology solutions provider, has signed a Letter of Intent (LOI) with Eastern Pacific Shipping (EPS), a global leader in maritime transportation, during Singapore Maritime Week 2024, both parties said in a joint statement on Thursday (18 April). 

This collaboration, spearheaded by YGT’s marine electrification business, marinEV, marks a significant step towards cleaner and more sustainable maritime operations in Singapore, with the following key milestones on the horizon:

Electric vessel deployments

  • First cargo delivery with an electric vessel in the Port of Singapore: marinEV and EPS aim to be at the forefront of maritime history by jointly facilitating the first cargo delivery using an electric vessel within the Port of Singapore. This aligns with both companies’ commitment to environmental responsibility and demonstrates their dedication to creating a net zero world.
  • First crew transfer with an electric vessel in Singapore: Recognising the critical role of crew transfers in maritime operations, marinEV and EPS will collaborate on the first crew transfer conducted by an electric vessel in Singapore. This trial will provide valuable data on the feasibility, efficiency, and safety of electric vessels for crew transportation, paving the way for wider industry adoption.

SMW 2024: Yinson GreenTech and EPS forge alliance on electric vessel trials

The Hydromover and Lake Herman

Building upon their commitment to sustainability, marinEV will enter into a collaborative agreement with EPS. This partnership aims to integrate electric vessels into last-mile delivery operations, significantly reducing Scope 3 emissions and contributing to a cleaner shipping industry. By jointly defining ambitious emission reduction goals, marinEV and EPS will work together to create a more sustainable future for maritime transportation.

“At Yinson GreenTech, we believe that collaboration is key to unlocking a cleaner future for our oceans. Our partnership with Eastern Pacific Shipping on these groundbreaking electric vessel deployments in Singapore signifies a major leap forward,” said Jan-Viggo Johansen, Managing Director of marinEV. 

“Together, we are not only making history but also paving the way for a future where clean and efficient transportation solutions become the norm. This is an exciting moment for us, and we are committed to working closely with EPS, our existing partners and other industry leaders to achieve a truly sustainable maritime landscape.

“It is heartening to see like-minded partners in the industry adopt the ‘act now’ approach like us, taking action and exploring innovative solutions on all fronts,” said Cyril Ducau, Chief Executive Officer of EPS.

“This collaboration with Yinson GreenTech not only offers a greener transportation alternative, it also builds on the industry’s collective commitment to accelerate the decarbonisation of shipping. We don’t do things because they are easy. We do it because they are difficult so that we leave no stones unturned in our efforts to decarbonise.”

Related: Yinson GreenTech all-electric crew transfer vessel to undergo sea trials in Singapore

 

Photo credit: Maritime and Port Authority of Singapore
Published: 19 April 2024

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Bunker Fuel

SMW 2024: Maritime International Advisory Panel discusses decarbonisation, green financing, digitalisation

Panel noted that financial institutions were willing to provide lending for suitable projects to support maritime decarbonisation with sufficient assurance that the default risks were managed.

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SMW 2024: Maritime International Advisory Panel discusses decarbonisation, green financing, digitalisation

The Maritime International Advisory Panel (IAP) held its third annual meeting on 16 April 2024, during the Singapore Maritime Week 2024. 

This year, the Maritime IAP held in-depth discussions on the key developments in the maritime sector, including decarbonisation, green financing, digitalisation and cybersecurity. 

Members of the panel who were present included Hiroaki Sakashita, President and CEO, ClassNK, Stephen Fewster, Managing Director, Global Head, Shipping Finance, ING Bank, Nick Brown, CEO, Lloyd’s Register, and Jonathan Wright, Global Managing Partner, Global Finance and Supply Chain Transformation Service Line Leader, IBM.

Established in 2022 by the Ministry of Transport (MOT) and the Maritime and Port Authority of Singapore (MPA), the Maritime IAP aims to seek international perspectives on key long-term trends and developments that will shape the maritime industry. 

It comprises global leaders from the maritime sector, adjacent industries and academia, and is chaired by Mr Chee Hong Tat, Minister for Transport and Second Minister for Finance. Local industry and union leaders also joined the meeting to share their perspectives.

IAP comprises global leaders from the maritime sector, adjacent industries and academia, and is chaired by Mr Chee Hong Tat, Minister for Transport and Second Minister for Finance.

IAP comprises global leaders from the maritime sector, adjacent industries and academia, and is chaired by Mr Chee Hong Tat, Minister for Transport and Second Minister for Finance.

Key Trends and Opportunities for the Maritime Sector

The Maritime IAP highlighted that despite geopolitical uncertainties and supply chain shifts, there were significant opportunities for the global maritime sector in the following areas:

  • Accelerating the green transition towards a low- and zero-carbon future, supported by important enablers such as financing for green shipping;
  • Deepening the utilisation of technology and digitalisation while strengthening cyber resilience; and
  • Training and re-skilling the maritime workforce to take on the new job opportunities of the future.

The Maritime IAP emphasised that Singapore plays an important role in facilitating global trade flows, supporting global maritime decarbonisation, and advancing maritime digitalisation and cyber-resilience. 

Singapore’s position as a trusted and established maritime eco-system could catalyse green financing solutions, unlock the benefits of deeper utilisation of technology and data, and position it as a training hub to develop the skills needed by the future maritime workforce.

Strengthening Maritime Ecosystem Amid Global Shifts and Green Transition

Against the backdrop of global uncertainties, the Maritime IAP highlighted that Singapore could be an important trade and maritime intermediary, given its status as a neutral, trusted, and leading maritime hub. With growing trade to emerging regions as trade flows shifted, the panel believed Singapore would be an important conduit for new trades going forward. The panel further suggested for Singapore to become a trusted maritime technology hub for the development, installation, and accreditation of critical technologies, especially for those fitted onboard ships.

The Maritime IAP noted that amidst the ongoing green transition, there would be competing demands for various low- or zero-carbon fuels (e.g. hydrogen, ammonia, methanol) from other sectors.

The Maritime IAP highlighted the need to draw on a wide range of green financing instruments and investments to catalyse change, address hurdles and accelerate the sector’s green transition. 

The panel also noted that financial institutions were willing to provide lending for suitable projects to support maritime decarbonisation with sufficient assurance that the default risks were managed. To address the financing needs of the sector, the panel suggested for maritime stakeholders to pool their needs, while demand aggregation would help smaller companies gain better access to suitable solutions and financing, and also allow financial institutions to better determine and manage the risks involved.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 19 April 2024

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