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ENGINE: East of Suez Bunker Fuel Availability Outlook

VLSFO supply improves in Singapore; several South Korean ports face possible weather disruptions; demand good in Fujairah.

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ENGINE East of Suez Bunker Fuel Availability Outlook

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:

4 July 2023

  • VLSFO supply improves in Singapore
  • Several South Korean ports face possible weather disruptions
  • Demand good in Fujairah

 

Singapore

Overall demand has been “slow” in Singapore so far this week, however, buying interest for HSFO grade remains strong, a source says. Stronger demand for the grade has contributed to keep HSFO supply tight in the port. Lead times remain almost unchanged from last week at 10-12 days.

Meanwhile, VLSFO availability has improved in the East Asian bunker hub, with lead times dropping from 9-12 days last week to 6-8 days now. LSMGO also remains readily available, with short lead times of 3-5 days advised, down from 5-7 days last week.

Singapore’s residual fuel oil stocks averaged 4% higher in June than in May, according to Enterprise Singapore. Singapore’s net fuel imports swelled massively by 51% to their highest level since last June. While the port’s fuel imports surged by 24%, the fuel oil exports slumped by 19% and to their lowest level since last October.

The port’s middle distillate stocks also averaged 6% higher in June than in May.

 

East Asia and Oceania

Sluggish demand and weather-related disruptions have kept a lid on tightness across all grades in Zhoushan, a source says.

Bunker availability is good across all grades in Zhoushan. Some suppliers, that were unable to supply large prompt VLSFO stems last week, can now supply the grade with a short lead time of 2-5 days.

LSMGO and HSFO demand also remains good, with prompt supply available in the port.

Bunkering resumed at Zhoushan’s OPL area on Tuesday evening after remaining suspended by bad weather conditions since Sunday. All four anchorages in the Chinese bunkering hub were operational on Tuesday.

Demand for VLSFO has been robust in Hong Kong, a source says. Buying interest for LSMGO of small stem sizes has been good so far this week, while HSFO demand is slow. Lead times of around seven days are recommended in the port – slightly down from 7-10 days last week.

Meanwhile, VLSFO availability has tightened in South Korean ports, with delivery dates mostly subject to enquiry now. Last week, some suppliers were offering the grade at lead times of 3-6 days.

Prompt availability for HSFO and LSMGO has also tightened across South Korean ports, with lead times varying between 4-11 days. Both grades were offered with lead times of 2-4 days and about six days across southern and western South Korean ports, respectively, last week.

The South Korean ports of Ulsan, Onsan, Busan, Daesan, Taean and Yeosu are forecast to experience adverse weather conditions intermittently between 5-9 July, which might disrupt bunker operations.

Bad weather conditions are also predicted intermittently between 6-11 July in the Vietnamese port of Hai Phong, and 4-10 July in the Kiwi port of Tauranga.

 

South Asia

VLSFO and LSMGO can be delivered with around 2-3 days of lead time across several Indian ports, including Kandla on the northwest coast, and Cochin and Chennai on the southern coast.

Meanwhile, both grades remain subject to availability in Mumbai, Visakhapatnam and Paradip as it has been in recent weeks. On the other hand, supply in Tuticorin port on the southeast coast and Haldia on the east coast remains subject to enquiry.

Rough weather is forecast at Kandla on Wednesday and Thursday, which could impact bunker deliveries.

Strong wind gusts of 21-29 knots and waves of more than two metres are forecast to hit the Sri Lankan port of Colombo on Wednesday, which may disrupt bunker operations.

 

Middle East

All grades remain in tight availability in Fujairah amid good demand. Lead times of 5-7 days are advised across all bunker fuel grades in the port – virtually unchanged from last week. But some suppliers can offer all bunker fuel grades for prompt delivery dates, but these deliveries depend on stem sizes, a source says.

Availability of all bunker fuel grades remains good in the UAE port of Khor Fakkan, with unchanged lead times of 5-7 days from last week.

LSMGO is readily available across the Omani ports of Muscat, Salalah, Sohar and Duqm.

By Tuhin Roy

 

Photo credit and source: ENGINE
Published: 5 July, 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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